| Peer review: Merchants pay fees for sales that use plastic
A You have heard correctly: Merchants pay fees when you use your plastic for purchases. Those charges are called "interchange fees," although there may be some fees with other names built in as well. The system is fairly complicated, but the fact is that if you spend $100 using plastic when shopping, the merchant likely will see only $98 or $99 of it. Credit-card and debit signature transactions typically cost merchants between 1 percent and 2 percent of the purchase amount in fees, depending on the type of card and the banks involved. Debit transactions using a PIN cost the merchants much less, around 0.2 to 0.5 percent. These fees are divided among the bank that issued the card, the credit-card network (Visa, MasterCard, etc.), and the merchant's account provider. Some have called those fees an implicit tax, because merchants pass the costs on to customers in the form of higher prices.
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Who's Behind The Courant's Voice?
Carver. Carver, who joined The Courant in July 2006, was previously vice president and general manager of WATL-TV in Atlanta. His background is in advertising and sales. He is a native of New York.
Editorial Page Editor Carolyn Lumsden. Lumsden was promoted to editorial page editor in October, succeeding Robert K. Schrepf. She has been a writer and editor with The Courant's editorial page since 1992. Before that, she worked for the Associated Press and at the book publisher Random House.
Deputy Editorial Page Editor Tom Condon. Condon started at The Courant in 1968, before leaving to serve in Vietnam. He returned to a reporting job in the Old Saybrook bureau. He was a member of The Courant's first investigative team and, for nearly 18 years, a columnist in the Connecticut section.
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