Payments News

Regulation

With a Federal Lawsuit, Intuit Challenges the Card Networks’ Interchange Regime

“Lawsuits brought by merchants against Visa Inc. and Mastercard Inc. have become almost routine for the two network giants, but now they face an unusual action—a suit from Intuit Inc., which is not only a card-accepting merchant but also an independent sales organization and payment facilitator. Filed Feb. 19 in U.S. District Court for the Northern District of California, Intuit alleges the networks’ interchange pricing models constitute unlawful price fixing, with rates set without regard to actual cost.”