Now that the financial reform legislation has passed, what is the next step? Well merchants will likely not see any effect on their current processing practices or costs for at least a year while the Fed attempts to implement some sort of infrastructure on their vague authority. Remember, the Fed has no numbers in place for proposed pricing reductions for merchants.
Unfortunately, it appears that this legislation will have a several negative impacts for business owners beyond just credit card processing. Read this article from Forbes describing some of the ways that businesses will suffer:
http://www.forbes.com/2010/06/30/financial-reform-haunts-small-business-entrepreneurs-finance-reform.html
