Ben Gilbert: prediction

Transcript context

…To the cardholder, to the consumer? Right. When everybody on the planet is marketing credit card offers to you, they get the lion's share of the interchange. They actually have a lot to play with in customer acquisition for their cards, because they make the lion's share of the transaction, the interchange. There's a lot of cost in there, too, because they bear all the fraud risk. There are a lot of things they got to do, but they get most of the money. A small amount on the order of 0.2%, or 20 bips for you finance people out there, goes to the bank that acquired the merchant. This could be Chase, Pfizer, Wells Fargo. This is the merchant’s bank. It is important to know, this may also get split with a technology provider. Sometimes the financial institution directly has technology that you can use, but other times the checkout terminal or software that you're using is not actually the financial institution behind it, so that 0.2% can get split between the financial institution and the technology provider. Those are folks like First Data and stuff like that, right?…

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