Credit and Debit Cards: Federal Use
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Nova Science Pub Inc | 2008-10 | ISBN: 160692351X | 538 pages | PDF | 11 MB
By accepting cards, federal entities realise benefits, including added annoyed customers, beneath bad checks and banknote thefts, and bigger operational efficiency. In budgetary year 2007, federal entities accustomed cards for over $27 billion in revenues and paid at atomic $433 actor in associated merchant abatement fees. For those able to alone analyze altering costs, these entities calm $18.6 billion in agenda revenues and paid $205 actor in altering fees. Federal entities are demography accomplish to ascendancy agenda accepting costs, including reviewing affairs to ensure that the everyman altering ante - which can alter by merchant category, blazon of agenda used, and added factors - are assessed.
While the Visa and Master Agenda agenda networks accept accustomed lower altering ante for abounding government transactions, some federal entities accept attempted to accommodate lower ones, with alloyed success. To analyze accumulation from cards and added accumulating mechanisms, Treasury's Financial Management Service (FMS) - which handles revenues and pays merchant abatement fees for abounding federal entities - accomplished a affairs in 2007 to analysis anniversary entity's all-embracing acquirement collections. FMS has articular abeyant adeptness and amount extenuative improvements at the eight entities it has advised appropriately far, but has yet to advance a abounding accomplishing action - including a timeline for commutual all reviews, amount accumulation estimates, and adeptness appraisal - that could advice agilely accomplish affairs goals. Several countries accept taken accomplish to lower altering rates, but advice on their furnishings is limited. Among the three countries the columnist examined, regulators in Australia and Israel intervened anon to authorize banned on altering rates, while Mexico's cyberbanking affiliation voluntarily bargain some rates. Back Australia's regulators acted in 2003, absolute merchant abatement fees paid by merchants accept declined, but no absolute affirmation exists that lower altering fees led merchants to abate retail prices for goods; further, some costs for agenda users, such as anniversary and added fees, accept increased. Few abstracts abide on the appulse of the accomplishments taken in Mexico (beginning in 2004) and Israel (beginning in the backward 1990s). Because of the bound abstracts on effects, and because the anatomy and adjustment of acclaim and debit agenda markets in these countries alter from those in the United States, ciphering the appulse of demography agnate accomplishments in the United States is difficult. Federal admiral cited assorted allowances from agenda use - which totalled over $27 billion in budgetary year 2007, a 51 percent access back budgetary year 1999 afterwards adjusting for aggrandizement - including the adeptness to accomplish purchases added bound and with lower authoritative costs than with ahead acclimated purchasing methods. The banks that affair cards to federal entities additionally abatement a baby allotment of their agenda acquirement amounts; these rebates totalled $175 actor in budgetary year 2007. Preventing inappropriate agenda use poses challenges, and the columnist and others accept articular bare controls over assorted agencies' agenda programs. However, accoutrement and abstracts provided by the arising banks now acquiesce entities to analysis affairs added quickly, accretion their adeptness to ascertain apprehensive transactions. Federal entities - agencies, corporations, and others - are growing users of acclaim and debit cards, as both 'merchants' (receiving payments) and purchasers. Merchants accepting cards acquire fees - alleged merchant abatement fees - paid to banks to action the transactions. For Visa and Master Agenda transactions, a ample allocation of these fees - referred to as altering - goes to the card-issuing banks. Some countries accept acted to absolute these fees. The columnist was asked to examine: the allowances and costs associated with federal entities' accepting of cards; the furnishings of added countries' accomplishments to absolute altering fees; and, the appulse on federal entities of application cards to accomplish purchases. Among added things, the columnist analysed fee abstracts and advice on the appulse of accepting and application cards from the Department of the Treasury (Treasury) and the General Services Administration, advised literature, and interviewed admiral of above agenda companies and three adopted governments
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