National Funeral Directors Association
By T. Scott Gilligan, NFDA general counsel
Posted: January 21, 2013
A seven-year class action antitrust settlement involving VISA and MasterCard.
A key element to the settlement from the standpoint of funeral service would be VISA's and MasterCard's agreement to eliminate their current prohibition against merchants imposing surcharges on consumers who pay with credit cards. Currently, VISA and MasterCard both prohibit merchants from imposing any type of surcharge against a consumer paying with a credit card. Because merchants are barred from imposing a surcharge, there is no way to recoup the 1.5% to 3% swipe fee that is paid to VISA and MasterCard by merchants. As part of the settlement, VISA and MasterCard will eliminate that prohibition and allow all merchants, including funeral homes, to impose swipe fee surcharges on consumers.
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