Merchants are told they have “choices.” But do they? We unpack the Visa–Mastercard settlement, the honor all cards rule, and why surcharging still trips up pros. Listen now and tell us: does this help small businesses or not?

What happens when the rules that govern card acceptance start shifting under your feet? In this episode, we break down one of the most misunderstood and potentially far-reaching developments in payments: the evolving “Honor All Cards” framework and the broader interchange settlement proposals that could reshape how merchants accept, price, and manage card transactions.

Hosts Christopher Dryden and Jeremy Stock sit down with associate attorney Jessica Walsh to unpack the real mechanics behind the two-sided card network system, where incentives are constantly balanced between cardholders and merchants. They explore why the proposed rule changes may sound like merchant empowerment on paper, but in practice could introduce new layers of complexity, technology hurdles, and operational risks.

We unpack Visa and Mastercard’s proposed settlement, from “honor all cards” tweaks to surcharging changes, and ask whether merchants truly gain leverage or just new complexity. We share why education may be the only useful concession and where real savings could appear.

• how two-sided card networks shape incentives
• honor all cards rule history and limits
• proposed card category carve-outs and labeling
• feasibility for POS systems and staff training
• interchange reductions and tiered pricing effects
• the Amex-linked surcharge constraint and removal
• real-world compliance hurdles and fines risk
• why merchant education could drive practical gains

The conversation dives into the realities merchants face every day: distinguishing between card products, navigating interchange tiers, managing surcharging compliance, and understanding why “freedom of choice” in card acceptance often collides with business reality. Along the way, the team examines whether the proposed settlement truly delivers meaningful cost relief or functions more as strategic window dressing designed to maintain the status quo.

You’ll also hear practical insights into how data flows through the payments ecosystem, why POS systems may struggle to keep up with rule changes, and how merchant education could ultimately be the most valuable piece of the entire proposal.

If you work in merchant services, fintech, underwriting, compliance, or payments law, this episode gives you a clear lens into where network rules are headed and what it could mean for your clients, your portfolio, and the future of card acceptance.

**Matters discussed are all opinions and do not constitute legal advice. All events or likeness to real people and events is a coincidence.**

PEP Links:
https://www.globallegallawfirm.com/podcasts/
https://www.buzzsprout.com/2176695

A payments podcast of Global Legal Law Firm