Finance committee  Yes. They change the interchange rates. They don't consult with us to see what we think; they change those.

Finance committee  Certainly I would have preferred to stay there, yes, because we've had to spend considerable sums of money, and clearly, merchants are upset with the increased costs associated with it.

Industry committee  Yes, and there could be more fees. There could be standard fees charged, again, for the way the transaction is processed. So there could be different fees that we pay. The merchant can no longer say, “I pay 1.8% as a merchant discount rate and that's my all-in cost.” As I tried

Industry committee  Yes. They change the interchange rates. They don't consult with us to see what we think; they change those.

Industry committee  Certainly I would have preferred to stay there, yes, because we've had to spend considerable sums of money, and clearly, merchants are upset with the increased costs associated with it.

Finance committee  Again, it would depend on individual merchants. It depends on how the merchant does the processing and the risk involved with that transaction—if, for example, it's an airline or a tour company or a furniture store. Any organization that has delayed delivery has increased risk fo

Finance committee  Yes, at least 75%, probably, of our cost is the interchange cost.

Finance committee  No, it happened when the interchange rates changed; now they all are driven and there are differential interchange rates attached for each type of card. So a commercial card has a unique set of fees or interchange rates attached to it, as does an Infinite card, as does a regular

Finance committee  Again, depending on how the merchant was processed before, we did not pass through the commercial card transactions. As I said in my opening statement, in some cases we blended the rate. As an example, we would have said the merchant discount rate was 2%. We may have now moved to

Industry committee  Again, depending on how the merchant was processed before, we did not pass through the commercial card transactions. As I said in my opening statement, in some cases we blended the rate. As an example, we would have said the merchant discount rate was 2%. We may have now moved to

Industry committee  Again, it would depend on individual merchants. It depends on how the merchant does the processing and the risk involved with that transaction—if, for example, it's an airline or a tour company or a furniture store. Any organization that has delayed delivery has increased risk fo

Industry committee  Yes, at least 75%, probably, of our cost is the interchange cost.

Industry committee  No, it happened when the interchange rates changed; now they all are driven and there are differential interchange rates attached for each type of card. So a commercial card has a unique set of fees or interchange rates attached to it, as does an Infinite card, as does a regular

Finance committee  That's an excellent question. That's exactly the point I was going to make, because I think in your first question you had asked, if the card is not a chip card, does the merchant have that liability? And the answer is no, it's no different from what it is today. So it's only if

Finance committee  In the case of Visa debit, I think they would like to accept them for contactless capabilities, so the tap and go capability, or for e-commerce or other card-not-present transactions. Those are new opportunities for them to use that particular card. The reason they wouldn't want