Thank you, Mr. Chair, and thank you to our guests today.
Mr. MacMullin, I'd like to ask you a couple of questions about the fee structure again, because I'm just not getting it. I apologize if it's redundant.
Mr. Kelly, I'll hopefully leverage over to you.
As a merchant, I'm trying to clearly understand this. When I as a business person complete a transaction in selling a product out of my business through one of the card carriers, I pre-agreed to a fee structure, and those fees range from some of the higher cost fees down to the lower costs. One thing we were told early on in this study is that the fees are one of the largest hurdles to the whole e-commerce evolution of business, small business in particular.
Am I correct in understanding that your fee structure is a simple, all-inclusive deal? If I do business with your company, regardless of which credit card or plastic is used to pay for the product, it's a single fee, consistently time after time, and it's all inclusive with that credit card fee built into it?