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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American Banker: Durbin Revives Credit Card Swipe Fee Bill With Added Support
Merchant lobbying groups cheered the move, claiming the legislation would end an unfair monopoly Visa and Mastercard enjoy in setting interchange rates. Merchants pay more than 2% of each transaction in fees, amounting to more than $11 billion a year that merchants and consumers absorb, the Merchants Payments Coalition, a Washington, D.C.-based nonprofit representing a broad swath of online and in-store merchants, said in a Wednesday press release.
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Convenience Store News: Federal Lawmakers Poised to Address Credit Card Swipe Fees
NACS is a founding member and serves on the Executive Committee of the Merchants Payments Coalition, a coalition comprising NACS and other merchant groups representing brick-and-mortar and online retailers.
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MarketWatch: Visa, Mastercard Stocks Dip as Congress Takes Renewed Aim at Credit Card Fees
Mike Beal, the chief financial of family-owned grocery Ball Foods, said that “small businesses pay the highest swipe fee rates, we don’t have the resources to navigate complex credit card contracts, and we have absolutely no leverage to negotiate as these fees rise higher every year,” according to a release from the Merchants Payments Coalition.
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