The card brands and large issuing banks weren't too happy about having their debit interchange fees capped. So they responded by raising regulated debit interchange fees to the cap across the board without regard to transaction size. The result is that businesses with a small average ticket no longer get special treatment on regulated debit transactions. This is especially damaging since debit cards are used far more frequently than credit cards to pay for small transactions. In Parkmobile's case, payment processing costs have tripled because of these changes.Banks may be getting the lion's share of the blame from groups like the Merchants Payments Coalition, but there seems to be plenty of blame to go around. But in the end, as usual, it's consumers left holding the bill, even for something as mundane as parking their car in a downtown lot. In that regard, some things never change.
Even Parking Fees Upshift for Bank Profits
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