Regarding the statements by the CEO of Square, I agree 100%. The pricing is totally complicated and confusing. However, who is to fault for that? Not the ISO. We can only work with what we are given by the card associations. I also agree that our industry needs some type of regulation and, as much as some of us have begged for it, no government will give us the time of day. And then there is the comment about service. Service is great when you are getting paid for it, but we do not get to charge for it because the credit card fees are supposed to compensate us. The only problem is that we are lucky to get 25 Basis Points of the total volume versus what the banks, associations and front-ends receive. I would love be present when Square customer service representatives get help calls, and merchants want someone to come to their locations in 10 minutes. It all sounds good on paper but let’s see what happens a year from now.
Steve Norell
Director of Sales
US Merchant Services Inc.
Port St. Lucie, Fla.
