Real Clear Markets: Credit Card Swipe Fees Are Driving Up Holiday Prices
Swipe fees aren’t just a holiday problem. They have soared more than 50% since the pandemic and hit a record $160.7 billion last year, costing American families over $1,000 annually in higher prices, according to the Merchants Payments Coalition.
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Payments Dive: Marshall Keeps Up CCCA Crusade
Retail trade groups such as the National Retail Federation and the Merchants Payments Coalition have backed the legislation on behalf of convenience store chains and big box retailers as well as smaller local retail businesses.
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Politico Morning Money: The Influence(r) Game
The endless fight between merchant groups and the payments industry over a credit card swipe fee bill led by Sens. Richard Durbin (D-Ill.) and Roger Marshall’s (R-Kansas) took another swing into the world of social media influencers on Tuesday, Sam reports. The Merchants Payments Coalition, which represents retailers, published a memo that the Electronic Payments Coalition distributed to influencers with talking points on how the bill would kill credit card reward programs. It also included rules for receiving payment in exchange for their posts. The watchdog group Accountable.US has also published reports on the financial services industry’s social media influence campaign.
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Digital Transactions: The EPC Recruits Social Media Influencers to Turn Up the Heat on the CCCA
The Merchants Payment Coalition, which supports the bill, takes issue with the EPC’s decision to recruit influencers. The group learned about the tactic earlier this week. “It’s not flattering [that] the EPC has to pay people to agree with them,” says Doug Kantor, an executive committee member at the MPC and general counsel for the National Association of Convenience Stores. Kantor adds that, by establishing guidelines for influencers on messaging about the CCCA, the EPC is using a communications channel where misinformation is often spread. “With many people getting their information about important issues from social media today, influencers are a way to spread misinformation that hasn’t been vetted and misinformation seems to be a central part of the card-industry playbook,” Kantor says. The MPC says it does not engage influencers for its lobbying efforts.
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Chicago Sun-Times: Credit Card Swipe Fees Raise Costs for Businesses, Consumers. Congress Should Lower Those Fees
“[Swipe fees are] often the second- or third-highest expense our members have, and it is one they can’t negotiate,” Stephanie Martz, chief administrative officer and general counsel of the National Retail Federation (an MPC Executive Committee member), told us.
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Credit Unions Today: 'Time to Put Santa Ahead of the Grinch,' Merchants Groups Says, Urging Passage of Bill
“Rising swipe fees banks charge merchants to process credit card transactions could cost consumers nearly $20 billion in higher prices – and maybe more – this holiday season,” the Merchants Payments Coalition said.
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NACS Daily: Holiday Shopping Could Cost Consumers $20 Billion -- The Average Family Will Spending $20 on Swipe Fees This Holiday Season
“After a year of high inflation, the last thing consumers need is high credit card fees that make holiday purchases from toys to Christmas trees more expensive,” said Stephanie Martz, MPC executive committee member and National Retail Federation chief administrative officer and general counsel said. “Swipe fees charged by banks drive up the cost of everything Americans buy during the holidays and only Scrooge would think that’s fair as many families struggle to put smiles on children’s faces. It’s time to put Santa ahead of the Grinch and pass legislation to bring these fees under control.”
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WHP-TV: The Credit Card Competition Act... Will it Bring Down Prices or Kill Your Card's 'Rewards'?
That amount can range from 2, 3, even 4 percent of the transaction. The National Retail Federation is backing a new Bill that would make it more competitive. Stephanie Martz from the NRF (and MPC Executive Committee member) says “For our smaller members, swipe fee costs are often the 2nd or 3rd highest cost that they incur and it’s the only one they can’t negotiate.”
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Hardware Retailing: Merchants Payments Coalition Calls for Vote on Credit Card Competition Act
The Merchants Payments Coalition announced it has joined Senator Richard Durbin, D-Ill., in calling for the Senate to vote on the Credit Card Competition Act.
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Gifts and Decorative Accessories: Senator Durbin on the Floor -- Credit Card Competition Act Will 'Give a Fighting Chance to Small Businesses'
“We agree with Senator Durbin completely,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. “The sponsors of this legislation were promised a vote and it’s time to make good on that promise. Small businesses and families can’t afford to suffer another day under these outrageous fees.”
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