CNN distorts truth to stir drama between card giants and retailers.

FOR IMMEDIATE RELEASE
New Castle, Delaware, United States of America (Free-Press-Release.com) July 6, 2011 -- The Merchant Processing Resource was not so delighted to read an article on CNN that portrayed credit card processors as sneaky. In an article title “Business Owners Baffled by Financial Statements” on 7/5/11, the author argues that local mom and pop shops are unwitting victims of a complex system.

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CNN distorts truth to stir drama between card giants and retailers.

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Using erroneous examples that small retailers are forced to use third party merchant processors instead of working with Visa and MasterCard directly, the average reader is likely to take a CNN article at face value. The Merchant Processing Resource’s Brian McDonald had this to say about it: “This is the exact type of anti-bank incitement that lead to the Federal Reserve’s cap on debit card interchange. Retailers, so enraged by what they believed to be unfair levying of debit card fees, took their crusade to congress to limit interchange.

The end result is a cap of 21 cents, a victory for no one really. Retailers are just now learning that what they accomplished is a limit as to how much revenue the acquiring bank can split with the card issuing bank. The cost to a retailer at the point of sale either won’t change or may actually increase.

CNN should be held accountable for a complete misrepresentation of the facts, especially since it’s essentially hate speech. If the goal is to get one party really angry at the other over a conflict that does not even exist, then they have committed a great wrong.

The Merchant Processing Resource is hoping business owners stop by our site to pick up some tips on getting the best deal and understanding their fee structure. One place you don’t want to go is CNN. It’s a shame that a media giant has no idea what they’re talking about.

More information can be found online at http://www.merchantprocessingresource.com

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