Chain Drug Review: Retailers back Marshall call to pass credit card ‘swipe’ fee legislation
The Merchants Payments Coalition welcomed Senator Roger Marshall’s call for Congress to pass the Credit Card Competition Act. “Back home, I’ve crisscrossed Kansas, meeting with small business owners across the state,” Marshall said. “And in every meeting, they look me in the eye, and they say they need some type of relief.
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Gifts and Decorative Accessories: Small Businesses ‘Need Some Type of Relief:’ Senator Urges Vote on Swipe Fees Legislation
“It’s time for Congress to provide small businesses and consumers with relief from out-of-control credit card swipe fees,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. “Americans pay the highest swipe fees in the industrialized world, but those fees could be reduced if the card industry had to compete the same as small businesses do every day. The CCCA would make that happen.”
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NACS Daily: Swipe Fees Could Cost Over $750 Million This Mother’s Day
“Credit card companies are swiping two flowers out of Mom’s bouquet this Mother’s Day,” Merchants Payments Coalition Executive Committee member and NACS Senior Vice President of Government Relations Lyle Beckwith said in a press release.
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Bloomberg Congress Tracker: Lobbyists' Eye Aviation Update
Doug Kantor, an executive committee member of the Merchants Payments Coalition supporting the Durbin-Marshall bill, said he expected “continued discussion and wrangling” over amendments into next week. “If we get a shot on this bill, that’s fantastic,” Kantor said, but added “we don’t worry as much about which specific vehicle.”
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Payments Next: CCCA could save merchants and consumers over $16B a year
“Total swipe fees have jumped above $170 billion per year and cost the average family more than $1,100,” MPC Executive Committee member and National Grocers Association Senior Vice President of Government Relations and Counsel Christopher Jones said. “Given those exploding numbers, the Credit Card Competition Act would save people an estimated $16 billion per year. Small businesses and their customers desperately need a competitive market system and the savings that would come from this legislation. It’s a modest hit to card industry revenues but very significant to those who ultimately pay these fees.”
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Mass Market Retailers: ‘Swipe’ fees could cost Mother’s Day shoppers $750 million
The “swipe” fees credit card networks and banks charge merchants to process transactions could cost consumers more than $750 million this Mother’s Day, according to the Merchants Payments Coalition. “Credit card companies are swiping two flowers out of Mom’s bouquet this Mother’s Day,” MPC Executive Committee member and National Association of Convenience Stores Senior Vice President of Government Relations Lyle Beckwith said.
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CStoreDecisions: Interchange ‘Swipe’ Fees Could Cost Consumers $750 Million for Mother’s Day
“Credit card companies are swiping two flowers out of Mom’s bouquet this Mother’s Day,” said MPC Executive Committee member and National Association of Convenience Stores Senior Vice President of Government Relations Lyle Beckwith. “Families are trying to give mothers a special day, but the credit card industry sees Mother’s Day as just another chance to dig into consumers’ pockets with hidden fees. It’s time for Congress to stand up for moms by passing the Credit Card Competition Act.”
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Lawn and Garden Retailer: Consumers could pay more than $750M in swipe fees for Mother’s Day
“Credit card companies are swiping two flowers out of Mom’s bouquet this Mother’s Day,” said Lyle Beckwith, MPC executive committee member and National Association of Convenience Stores senior vice president of government relations.
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Digital Transactions: Potential Merchant Savings on Swipe Fees Is the Latest Payments Battleground
The latest battle centers on data from payments consultancy CMSPI that says merchants will save $16.4 billion annually in credit card acceptance fees from passage of the proposed legislation, up from an estimated $15 billion in 2023. The increased savings come as the interchange fees merchants pay to accept credit cards surpassed $170 billion in 2023, costing the average family more than $1,100, according to estimates released by the Merchants Payments Coalition.
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Politico Morning Money: Cannabis and Credit Cards
A coalition including the International Brotherhood of Teamsters, the Merchants Payments Coalition and the American Economic Liberties Project says lawmakers should enact legislation to curb credit card swipe fees despite a $30 billion proposed legal settlement that would cap the charges.
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