Credit Unions Today: Merchants Group Says Swipe Fees Drove Up Costs at Easter
The Merchants Payments Coalition was back with another holiday-related metaphor to illustrate what it says is the cost to consumers of rising “swipe” fees charged retailers by banks and credit card networks. During the Easter holiday, the MPC said those fees cost the average consumer the equivalent of a dozen eggs and potentially total over half a billion dollars nationwide.
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Supermarket News: Retailers Paid $126.4B in Credit Card Processing Fees in 2022
The Merchants Payments Coalition has called on Congress and the Federal Reserve to move quickly to address credit and debit card-swipe fees, citing new data showing the fees increased dramatically again last year and now cost the average family over $1,000 a year.
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NACS Daily: Credit Card Fees to Cost Consumers $500 Million+ This Easter
The swipe fees that big banks and credit card networks charge retailers to process transactions could cost the average consumer the equivalent of a dozen eggs this Easter, reports the Merchants Payments Coalition. Overall, swipe fees could total more than half a billion dollars nationwide this Easter.
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Floor Covering News: How to Combat Credit Card Fees
It’s no secret that in recent years credit card fees have been nipping at floor covering retailers’ profit margins. According to the Merchants Payments Coalition, an organization that represents retailers and others fighting for a more competitive and transparent card system, credit and debit card swipe fees have more than doubled over the past decade—soaring to 25% in 2021 alone to a record $137.8 billion.
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Convenience Store News: Retail Groups Say Swipe Fees Will Push Easter Holiday Costs Higher
Rising swipe fees — the fees big banks and credit card networks charge merchants to process transactions — could cost the average consumer the equivalent of a dozen eggs this Easter and potentially total more than half a billion dollars nationwide, according to the Merchants Payments Coalition (MPC).
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NACS Daily: Merchants Call for Action as Swipe Fees Rise Again
“These fees are a multiplier for already high inflation and drive up costs for small businesses and prices for American consumers every day," MPC Executive Committee member and NACS General Counsel Doug Kantor said. "Fees are going up nearly twice as fast as card volume, so this is not just a matter of increased card spending.”
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Gifts and Decorative Accessories: Credit Card Industry 'Putting its Hands in the Easter Basket' Thanks to Rising Costs
“The card industry will be putting its hand in the Easter basket again this year as rising swipe fees contribute to the cost of everything from Peeps to chocolate bunnies,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said.
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Gifts and Decorative Accessories: Merchants Call for Action as Swipe Fees Rise to '$1,000 Per Family'
The Merchants Payments Coalition is calling on Congress and the Federal Reserve to move quickly to address credit and debit card swipe fees, citing new data showing the fees increased dramatically again last year and now cost the average family more than $1,000 a year.
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Supermarket News: Credit Unions Attack the Credit Card Competition Act
In response to the letter, Doug Kantor, executive committee member of the Merchants Payments Coalition, said in a statement that credit unions will be helped by the Credit Card Competition Act. He noted that the bill applies only to financial institutions with at least $100 billion in assets and that only one credit union in the nation meets that test.
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Payments Dive: Battle Over Expected Durbin Bill Ensures
“Only one credit union in the entire nation meets that test and the rest are exempt,” National Association of Convenience Stores General Counsel Doug Kantor said in response to the letter. “And, the exempt institutions would be more attractive to Visa and Mastercard – helping those small credit unions overcome the disadvantage they have in the market today.”
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