Letter: Bring Competition to Credit Card Swipe Fees
The reason is that credit card networks and the big banks charge merchants a “swipe” fee averaging about 2 percent of the purchase amount every time a credit card is used, whether it’s swiped, inserted or used via a digital wallet. Those fees add up quickly, totaling almost $100 billion a year. They are among most merchants’ highest cost and drive up prices by hundreds of dollars a year for the average family.
READ MORE +
Letter: Congress Should Act on 'Swipe' Fees
Most consumers don’t know it, but the average family pays hundreds of dollars a year because of hidden “swipe” fees banks charge merchants to process credit card transactions.
READ MORE +
Grocers Need Competition on Credit Card Fees
Rather than competing like other vendors, virtually all banks that issue Visa and Mastercard cards follow fee schedules set by the two networks and refuse to negotiate.
READ MORE +
Congress Should Better Control Swipe Fees
As a merchant who sees my pocket picked every day by Visa, Mastercard and the big banks, I strongly believe it’s time for Congress and the nation’s banking regulators to do something about the growing problem of “swipe” fees.
READ MORE +
Trade Group Seeks Biden Antitrust Focus on Payments
The Merchants Payments Coalition (MPC) called on the Biden administration to include the payments industry in its federal crack down on antitrust concerns in American business.
READ MORE +
Colorado scraps ban on credit card surcharges
Colorado passed a new law this week jettisoning its ban on credit card surcharges, leaving only two states with such prohibitions as a nationwide legal campaign against the ban gains ground.
READ MORE +
Deep Dive: The Impact Of Interchange Fees And How Global Firms Can Optimize Cross-Border Payments
Plans for card network giants Visa and Mastercard to raise interchange fees in April were met with resistance among merchants and politicians, as many businesses are still workin
READ MORE +
Merchants Call on Fed to Cut Debit Card Swipe Fee
The Merchants Payments Coalition called on the Federal Reserve to revise debit card swipe fee regulations adopted a decade ago, citing a new Fed report showing banks’ average cost of processing the transactions has fallen by ha
READ MORE +
Fed Proposes Review of Debit Transaction Routing, but Leaves Fee Alone
The Fed will review whether a rule requiring options in routing debit transactions is being followed, but angered merchants when it kept the cost basis for a national debit fee cap unchanged.
READ MORE +
Visa, Mastercard Face Biggest Challenges in a Decade
Regulatory, legislative and court confrontations over the card network companies' fees are ratcheting up pressure again for reform of the behemoths' practices.
READ MORE +