(TheRedWire.com) – It’s not uncommon for companies to complain about high transaction fees that credit card companies charge for the privilege of using their services for payments. Many don’t have a choice but to pay the high costs as more and more consumers move away from making purchases in person and turn to online marketplaces like Amazon. Yet, if a large company comes along and highlights the issue, it could force credit card companies to reconsider their fee structure.
In 2020, the United Kingdom finalized Brexit and broke away from the European Union (EU). That meant companies doing business in the UK no longer had to meet the EU rules, and the UK hasn’t moved very quickly to shore up business and trade regulations since that break.
As a result, in November, Amazon said it would stop accepting UK-based Visa credit cards due to excessive transaction fees charged by the credit card processor. However, it appears the two companies have resolved their issues independent of government or legal involvement.
Amazon halts plan to block UK Visa credit cards amid talks https://t.co/FFsciRAR10
— BBC News (UK) (@BBCNews) January 17, 2022
On Monday, January 17, Amazon said it wouldn’t halt UK-based Visa purchases on its platform as proposed in November. The massive corporation said it was working with Visa to resolve the high payment fee dispute. Company officials added they are working with Visa to create a possible long-term permanent solution to allow customers to indefinitely continue using their Visa credit cards on Amazon.co.uk.
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