Furniture Today: Credit Card 'Swipe' Fees Could Drive Up Families' Fourth of July Costs by $500 Million
“Swipe” fees banks and card networks charge to process credit card transactions could drive up consumers’ cost of celebrating the Fourth of July by more than $500 million this year, the Merchants Payments Coalition said.
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NACS Podcast: The Momentum Behind the Swipe Fee Fight
Interview with NACS General Counsel and MPC Executive Committee member Doug Kantor.
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NACS Daily: Swipe Fees Could Increase Household Independence Day Costs by $500 Million
“Fourth of July is the most American of our national holidays, but there is nothing American about fees that are set without competition,” said Doug Kantor, NACS general counsel and MPC executive committee member. “Americans celebrating Independence Day will pay more for everything from sparklers to hot dogs because of swipe fees that have skyrocketed higher than the biggest fireworks display. Lack of competition is why these fees continue to rise and why consumers are paying more. It’s time for Congress to bring swipe fees under control and make the card industry compete the same as small businesses do every day."
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NACS Daily: Swipe Fee Legislation Would Save Merchants and Consumers $15 Billion a Year
he Merchants Payments Coalition welcomed a new estimate showing that passage of the Credit Card Competition Act would save merchants and their customers at least $15 billion a year.
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PaymentsNext: Could Merchants and Consumers Save $15 Billion?
The Merchants Payments Coalition today welcomed a new estimate showing that passage of the Credit Card Competition Act (CCCA) would save merchants and their customers at least $15 billion a year. Payments consulting firm CMSPI last year estimated the CCCA would save merchants and consumers at least $11 billion a year, based on pre-pandemic 2019 credit card spending. CMSPI revised its estimate and now says the savings would “conservatively” amount to $15 billion.
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Credit Union Times: Merchants Group Says the Bill is Getting Bigger
The Merchants Payments Coalition has released a new estimate it said shows that passage of the Credit Card Competition Act would save merchants and their customers at least $15 billion a year.
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Food Navigator: Credit Card Competition Act Could Save Retailers, Customers $11B a year in Fees, Protect Against Higher Grocery Prices, Trade Groups Argue
"Most consumers don’t know it, but big banks and card networks like Visa and Mastercard charge merchants more than 2 percent of the customer’s total bill every time a credit card is used to make a purchase. Credit and debit card swipe fees have more than doubled over the past decade and soared 16.7 percent in 2022 alone to a record $160.7 billion. They are most merchants’ highest cost after labor – far too much to simply absorb – and drive-up consumer prices by more than $1000 a year for the average family," the Merchants Payments Coalition argues in a letter sent to Congress.
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NACS Daily: Companies and Trade Associations Call for Passage of Swipe Fee Legislation
“This legislation has twice as many sponsors as last year and the number of small businesses and trade associations voicing their support is increasing every day,” said Doug Kantor, NACS general counsel and MPC executive committee member.
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CStore Decisions: Reintroduced Credit Card Competition Act Could Save Retailers $11 Billion Per Year
Close to 2,000 companies and a total of 270 trade associations from across the country signed letters this week calling on Congress to pass the Credit Card Competition Act, MPC said.
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KMOX Radio: Push to Lower Fees That Retailers Are Charged When You Pay With Plastic
MPC Executive Committee member and NRF Senior Director Dylan Jeon tells KMOX radio the Credit Card Competition Act will deliver “much-needed and long-overdue relief for both businesses and consumers.”
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