The Messenger: New Jersey Lawmakers Crack Down on Merchants Surcharging Customers Who Pay With Credit Cards
The Merchants Payments Coalition, a group of retailers, supermarkets, restaurants, drug stores, convenience stores, gas stations, online merchants and other businesses, says (swipe) fees now cost the average family over $1,000 a year. Credit and debit card swipe fees have more than doubled over the past decade, it wrote on June 26, and soared last year by $22 billion to a record $160.7 billion. The coalition wrote that for most merchants, the fees are their highest operating cost after labor.
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Digital Transactions: It's Time for Congress to Dump the CCCA and Modify the Durbin Amendment, a Report Argues
The merchant lobby, on the other hand, see reports like the one from Cornerstone as a “rewrite” of history. “Moody’s reported in 2012 that merchants shielded their customers from higher prices due to debit reforms,” says Doug Kantor, general counsel at the National Association of Convenience Stores (and MPC Executive Committee member), in an email message to Digital Transactions News. “The data backs that up as merchant costs rose 9.4% in the years after debit reform but their prices to customers only went up 4.3%. In fact, grocery profit margins narrowed during those years.” Kantor also dismisses the argument that reduced income from cards will force banks to slash services associated with credit cards. “The American Bankers Association itself announced a few years after debit reform that ‘free checking’ had hit an all-time high. While banks reduced ‘free checking’ during the financial crisis they caused, that was before debit reform ever went into effect,” he notes.
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Progressive Grocer: Will Swipe Fee Reform Finally Get Passed?
According to the Merchants Payments Coalition, credit and debit card swipe fees cost the average household an estimated $1,024 in higher prices in 2022, the first time the number has topped the $1,000 mark. Now that’s something to be scared about, especially if you’re a grocer. That’s why Congress should act swiftly to pass credit card swipe fee reform.
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Retail Customer Experience: Card Swipe Fees May Impact Consumer Celebrations
Fourth of July is the most American of our national holidays but there is nothing American about fees that are set without competition," MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said.
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Financial Regulation News: Merchants Payments Coalition Examines Impact of Independence Day Swipe Fees
The Merchants Payments Coalition maintains bank and card networks swipe fees to process credit card transactions could increase consumers’ cost of celebrating the Fourth of July by $500 million.
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WJW-TV: Credit Card Swipe Fees? Lawmakers Consider Relief
The Merchants Payments Coalition says the fees have skyrocketed over the past few years and they are backing the Credit Card Competition Act. It estimates that transaction fees could be more than $500 million just this Fourth of July holiday, averaging about $4 per customer for their holiday purchases.
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Consumer Affairs: Credit Card Swipe Fees Could Drive Up Families' Fourth of July Costs a Half Billion Dollars
“Swipe” fees – those charges that banks and card networks force merchants to pay to process credit card transactions -- could drive up consumers’ cost of celebrating the Fourth of July by more than $500 million this year, the Merchants Payments Coalition claims.
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CStore Decisions: Swipe Fees Could Drive Up Fourth of July Costs of $500 Million Nationwide
“Fourth of July is the most American of our national holidays but there is nothing American about fees that are set without competition,” MPC Executive Committee Member and National Association of Convenience Stores (NACS) General Counsel Doug Kantor said. “Americans celebrating Independence Day will pay more for everything from sparklers to hot dogs because of swipe fees that have skyrocketed higher than the biggest fireworks display."
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Furniture Today: Credit Card 'Swipe' Fees Could Drive Up Families' Fourth of July Costs by $500 Million
“Swipe” fees banks and card networks charge to process credit card transactions could drive up consumers’ cost of celebrating the Fourth of July by more than $500 million this year, the Merchants Payments Coalition said.
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NACS Podcast: The Momentum Behind the Swipe Fee Fight
Interview with NACS General Counsel and MPC Executive Committee member Doug Kantor.
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