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.
American Banker: Banks Can Rest Easy on Durbin's Credit Card Swipe Fee Bill -- This Time
Part of the bill's newfound popularity on the Hill is growing scrutiny of the banking sector in the aftermath of high-profile bank failures earlier in the year, including Silicon Valley Bank, said Doug Kantor, general counsel for the National Association of Convenience Stores and a member of the Merchants Payments Coalition, which includes many retailers lobbying for the bill. "I think that's just reflective of a growing recognition that there are real problems with the way that credit card payments are happening now," Kantor said. "I think some of the banking difficulties earlier this year also remind people that trusting some of these banking institutions has not always worked well for us in the past. We need to sometimes take a look at what incentives they have or don't have, and how the system works."
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Green Sheet: AAHOA Joins Merchants Payments Coalition
“Swipe fees drive up costs for every business that accepts credit cards, and small businesses like independent and branded hotels are hit the hardest,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. “AAHOA members know the impact of these rising fees on their businesses and their customers, and we’re glad to have them by our side. Along with our existing member associations, adding hotels helps show Congress the wide range of industries that are affected by swipe fees and the need to take action to bring competition to the broken swipe fee market.”
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Digital Transactions: Square Parent Block Slaps Mastercard and Visa with an Antitrust Suit Over Card Acceptance Costs
Organizations that have long battled the card networks over the costs of card acceptance welcomed Block’s action. “Swipe fees are far too high and clearly drive up prices for consumers because they’re too much for retailers to absorb, especially small businesses. The way they are set by Visa and Mastercard and then uniformly charged by all banks that issue cards under their brands is clearly a violation of antitrust law,” says Doug Kantor, general counsel for the National Association of Convenience Stores, in an email message. Kantor is also an executive committee member of the Merchants Payments Coalition, a group that lobbies on behalf of merchants on payments costs.
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American Bar Association: Will That be Cash or Credit? Swipe Fees and Their Critics
Doug Kantor, General Counsel of the National Association of Convenience Stores, speaks with Christina Ma and Matt Reynolds about the history of credit and debit card payment systems, the “swipe fees” on which those systems are built, and the justifications offered over the years for those fees.
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