Former Trader’s Software Skips Visa in Battle With Google
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Merchants paid an estimated $600 billion last year to let their customers use plastic to shop. Now, some stores are turning to a Swedish company that says it can slash those credit and debit card fees in half.
Those fees to banks and payment network companies such as Visa Inc. and MasterCard Inc. eat into profits that could have gone to lower prices for customers, said Seamless Distribution AB Chief Executive Officer Peter Fredell. While other apps let smartphone users pay without wallets, Seamless’s SEQR is the only one that saves merchants money with no investment, he said.