Retailers Call on Fed to Finalize Regulations Protecting Debit Card Routing Rights
According to the Merchants Payments Coalition (MPC), a Federal Reserve proposal making it clear that merchants can choose which payment networks process their online debit card transactions is needed because major banks and networks continue to interfere with competition for debit business a decade after legislation was passed by Congress to fix the problem.
READ MORE +
NACS Urges Federal Reserve to Protect Routing Rights
NACS filed comments yesterday calling on the Federal Reserve Board to swiftly finalize its proposed clarification that would preserve a retailer’s routing choice on debit transactions.
READ MORE +
Big Bank, Merchant Groups Weigh in on Fed Rule Clarification
Big bank and merchant groups weighed in just before a deadline on Wednesday in response to the Federal Reserve Board’s proposed debit rule clarification, voicing sharply opposing views on the proposal’s support for making multiple processing networks available, particularly for online transactions.
READ MORE +
Merchants Call on Fed to Swiftly Finalize Proposal to Protect Debit Card Routing Rights
A Federal Reserve proposal making it clear that merchants can choose which payment networks process their online debit card transactions is needed because major banks and networks continue to interfere with competition for debit business a decade after legislation was passed by Congress to fix the problem, the Merchants Payments Coalition said today.
READ MORE +
Debit Rule Battle Dumps 500-Plus Comments on Fed
The Federal Reserve Board is now awash with 560 comments from payments market participants espousing the pros and cons of a seemingly simple rule clarification proposal on the processing of debit card transactions.
READ MORE +
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 +