American Express is responsible for the merchant network, processing transactions from point of sale to settlement with card issuers.
The results were boosted by a gain related to a settlement with credit card companies.
We expect one or more lawsuits to be filed over this matter, with a class-action suit likely, though (and be sure to note this is not legal advice) most owners would be better served accepting the proposed gift-card settlement than becoming involved in a long-term suit that might ultimately prove to be of little value.
As part of that settlement, the credit card companies had to allow merchants the freedom to pass along swipe fees to customers if they choose to do so.
FORBES: New Credit Card Swipe Fee Rules Are Good News For Shoppers
Authorization is the process by which MasterCard validates the card, and Settlement fees are charged to issuers for the exchange of funds between issuers and acquirers.
The settlement also includes a number of big card-issuing banks, such as J.
WSJ: Visa, Mastercard Agree to $6 Billion Settlement Over Surcharges
The lawsuit settlement says that merchants can't discriminate among card brands if they decide to add surcharges.
WSJ: Visa, Mastercard Agree to $6 Billion Settlement Over Surcharges
The charge covered the cost of a settlement with retailers over the fees they pay on credit card transactions.
However, after the cap on swipe fees, Visa will try to maintain the current level of authorization and settlement fee make up for the lost revenues on debit card fees.
FORBES: Visa May Go Limp After Big Jump On Fed Fee Cap Ruling
There a clearinghouse network allows electronic settlement of all plastic-money transactions for any type of card or issuing bank.
The Fed believes that banks should only recover certain items through interchange fees including the variable costs that are directly attributable to the authorization, clearance, and settlement of the transaction (including the transaction fees paid to the card networks).
The terms of the settlement bar Mojang from using the Scrolls mark for any sequel to the current card game, or any other video game.
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