Small business owners like Rick have little recourse. Visa and MasterCard have a virtual death grasp on the credit card network market, controlling about 85% of it. Because of this, Visa and MasterCard are free to set fee rates on credit cards wherever they like. For the retailers, take it or leave it. This allows them to tell small business owners like Rick that they're going to set the standard. He has no negotiating power. (09:50–09:56)
CLAIM
Asserts that Visa and MasterCard have the freedom to set credit card fee rates without restrictions.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
