MasterCard made an agreement with Department of Justice

 One of the giants of payment processing market MasterCard Incorporated has entered into a Consent Decree with the Department of Justice (DOJ), says the recent press release of the company. The terms of the settlement are consistent with the Company’s long standing business practices and will require MasterCard only to modify its rules to more specifically conform to its business practices. The resolution follows a two-year investigation involving an extensive review of MasterCard’s acceptance rules and practices.

"MasterCard's practices are both lawful and pro-competitive and we view this settlement as a great result. We are very pleased that after a comprehensive and lengthy investigation and intensive lobbying efforts by lawyers representing retailers in a pending lawsuit, this matter has been resolved without our having to substantially change our business practices." said Noah J. Hanft, MasterCard’s General Counsel.

"The Consent Decree with the DOJ calls for modification of a rule to confirm that merchants may offer a discount for cash and all forms of payment, including competing brands, which is precisely what we already permit. Our discounting practices have long been more flexible than our major competitors' and have permitted merchants to discount for cash, checks, debit cards or other payment brands."

MasterCard also says that seven of the ten State Attorneys General who had requested information or opened investigations of MasterCard’s merchant acceptance business practices have signed onto the DOJ Consent Decree and all ten have closed their investigations of MasterCard.

The Consent Decree is subject to review and approval by the Court.