Furniture Today: Planned Vote on 'Swipe Fee' Bill Welcomed by Merchants Coalition
Doug Kantor, MPC executive committee member and National Assn. of Convenience Stores general counsel, responded on behalf of the organizations. “Support for the Credit Card Competition Act is growing rapidly, and we are confident it will pass once senators are given the chance to cast votes in favor of Main Street over Wall Street."
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Digital Transactions: The CCCA Won't Harm Card Issuers' Ability to Fund Rewards Cards, MPC Says
MPC Executive Committee member and National Association of Convenience Stores general counsel Doug Kantor contends the argument that passage of the CCA will hit cardholder rewards is a scare tactic aimed at getting consumers to pressure legislators to defeat the bill. “This seems to be a throw-the-spaghetti-against-the-wall approach and see what sticks,” Kantor tells Digital Transactions News. “Every industry has competition for business and there is no reason why one segment [of the card business] needs special protection.”
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Convenience Store News: New Study -- Credit Card Rewards Won't be Lost to Swipe Fee Bill Passage
In a paper released last week, global payments consulting firm CMSPI estimated that credit card rewards would be reduced by less than one-tenth of one percent "at most" if the legislation becomes law, according to the Merchants Payments Coalition.
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Green Sheet: Credit Card Act Will Not Impact Rewards, Study Finds
MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor: “This is proof that claims that rewards would go away are nothing more than idle threats and scare tactics, the same as they have been in every market around the world where swipe fees have been addressed.”
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InBusiness: New Study Says Swipe Fee Bill Would Not Lead to Loss of Credit Card Rewards
This analysis shows the expected savings from competition over swipe fees would have almost no impact at all on credit card rewards and that the card industry has far more than enough profits to make up the difference,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said.
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Chain Store Age: Credit Card 'Swipe' Fees Could Account for $3 Billion of Back-to-School Costs
Credit card “swipe fees, the amount banks charge merchants to process credit card transactions, will drive up the price of school and college supplies by more than $3 billion this year and cost the average family between $20 and $30, according to a new report from the Merchants Payments Coalition
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Washington Times: Reports Find Rise in Back-to-School Prices, Spending
According to the Merchants Payments Coalition ... the growing number of parents using credit will cost each family about $20 in swipe fees out of the $890.07 the National Retail Federation expects them to spend on school items this year.
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CNBC: This Credit Card Fee Could Cost Shoppers $3 Billion During Record-Breaking Back-to-School Season, Merchants Say
"Swipe fees are astronomically high and make everything more expensive," said Doug Kantor, general counsel at the National Association of Convenience Stores and an executive committee member at the Merchants Payments Coalition.
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Green Sheet: Credit Card Fees Account for $3B in Back-to-School Costs
“Spending on school supplies helps children get an education but the biggest lesson parents will learn is that swipe fees are astronomically high and make everything more expensive,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. “Swipe fees add to the cost of school whether it’s a lunchbox in first grade or a laptop in college. Congress needs to bring competition to the broken swipe fee market.”
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Payments Dive: CCCA Opponents Brace for Defense Bill Move
“There are a number of bills that might present opportunities” for attaching the CCCA as an amendment, said Doug Kantor, general counsel for the National Association of Convenience Stores. “Sen. Durbin has insight into all of that that we just don’t have. We trust him and Sen. Marshall to figure out what makes the most sense.” In a press release this week, the Merchants Payments Coalition argued that Visa and Mastercard control more than 80% of the market and fix swipe fees charged by banks while blocking transactions that could be processed over other networks.