NACS Daily: Visa and Mastercard to Increase Swipe Fees
NACS and the Merchants Payments Coalition fully support the bipartisan Credit Card Competition Act.
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CSP Daily News: Visa, Mastercard Set to Raise Swipe Fees
The bipartisan Credit Card Competition Act of 2023, designed to provide merchants relief from swipe fees, was reintroduced in Congress in June and has the support of the NACS, the Merchants Payment Coalition, the National Retail Federation and other business groups.
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Winsight Grocery Business: FMI, NRF and Others Push Back on Reports of Rising Credit Card Fees
News on Wednesday that Visa and Mastercard are planning to raise credit-card network and interchange fees is “another finger in the eye in this economic climate” to the grocery industry and other retailers, FMI – The Food Industry Association Chief Public Policy Officer (and MPC Executive Committee member) Jennifer Hatcher said.
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Payments Dive: Visa, Mastercard Eye Price Increase
The legislation, sponsored by a bipartisan group of lawmakers, has unleashed a battle among special interests in Washington. While merchant trade groups, such as the National Retail Federation and Merchants Payments Coalition, are backing the bill, those that represent the banks and card companies, including the Electronic Payments Coalition, are opposing it.
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Wall Street Journal: Visa, Mastercard Prepare to Raise Credit Card Fees
Doug Kantor, general counsel of the National Association of Convenience Stores (and MPC Executive Committee member), said that many businesses are already being hurt by inflation and high interest rates, or still recovering from the pandemic. “It’s just a bad combination and bad timing for any of these fee increases to happen,” Kantor said.
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Verify: No, Congress is Not Considering a Law That Would Ban Credit Card Rewards
The Merchants Payments Coalition argues that banks would still have plenty of profits left over from fees to pay for rewards programs, which it calls marketing tools to convince consumers to choose a credit card from one bank rather than another.
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Kiplinger: New Jersey Limits Credit Card Swipe Fees on Shoppers
Swipe fees have been a hot-button issue on and off Capitol Hill, pitting Visa and Mastercard — which dominate the credit card processing market with a combined 80% market share — against Amazon and other retailers represented by the Merchant Payments Coalition, as Kiplinger previously reported.
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Fox Business: Many Parents Turn to Credit Cards to Pay for Back-to-School Shopping
"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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Leader & Times: Credit Card 'Swipe' Fees Add to the Cost of a Good Night's Sleep
Total credit and debit card swipe fees paid by merchants have more than doubled in the past decade and soared $22 billion last year to a record $160.7 billion, driving up prices for the average American family by over $1,000 a year, according to the Merchants Payments Coalition.
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Florida Politics: JMI Urges Florida Delegation to Vote Against Credit Card Crackdown
The pro-CCCA group Merchants Payments Coalition said, “Claims that the Credit Card Competition Act would let China UnionPay process U.S. credit card transactions are simply not true and are an example of the blatant misinformation being spread by the card industry and its surrogates.”
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