Credit Card ‘Swipe’ Fees Could Cost Consumers Over $20 Billion During Holiday Season Shopping
Swipe fees banks charge merchants to process credit card transactions are continuing to rise and could cost consumers well over $20 billion in higher prices this holiday season, according to MPC.
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Merchants Tell Senate Anticompetitive Credit Card ‘Swipe’ Fee System ‘Does Not Have to be This Way’
MPC testified before the Senate Judiciary Committee that rising credit card “swipe” fees cost small businesses and their customers billions of dollars each year and called for passage of the Credit Card Competition Act to bring the fees under control. “Most consumers are not aware of these fees or the effect they have on the cost of goods and services and the U.S. economy, but the effects are dramatic,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said.
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Merchants Welcome Hearing on Out-of-Control Credit Card ‘Swipe’ Fees
MPC welcomed the announcement that the Senate Judiciary Committee will hold a hearing on rising credit card “swipe” fees that cost American small businesses and families billions of dollars each year.
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Merchants Go to Court to Protect Illinois Law Banning Swipe Fees on Sales Taxes and Tips
Three MPC member associations have asked permission to take part in a lawsuit over Illinois’ new law banning credit card swipe fees on sales taxes and tips, saying merchants’ perspective is needed to understand the high cost the fees impose on small business and their customers.
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Merchants Welcome DOJ Lawsuit Alleging Visa Debit Card Practices Violate Federal Antitrust Law
The Merchants Payments Coalition welcomed the announcement that the U.S. Department of Justice has filed a lawsuit against Visa alleging that some of its debit card practices are anticompetitive and violate federal antitrust law.
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Credit and Debit Card ‘Swipe’ Fees Totaled $224 Billion in 2023, Nearly One-Third More than Previously Believed
MPC welcomed new data released today by payments consulting firm CMSPI showing that “swipe fees” big banks and card networks charge merchants to process credit and debit card transactions totaled $224 billion last year, nearly a third more than previously believed.
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Merchants Say CFPB Should Focus on ‘the Source of the Problem’ With Cash-Back Fees in Towns Abandoned by Banks
Fees that some merchants charge consumers to give them cash back on debit card transactions are the fault of banks setting high “swipe” fees charged to merchants and failing to provide services in small towns, MPC said.
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Credit Card ‘Swipe’ Fees to Account for Nearly $3 Billion of 2024 Back-to-School Costs
“Swipe” fees banks charge merchants to process credit card transactions will drive up the price of school and college supplies by almost $3 billion this year and cost the average family between $20 and $30, MPC said.
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New Survey Shows Overwhelming Majority of Voters Want Congress to Pass the Credit Card Competition Act
An overwhelming majority of likely voters want Congress to pass the Credit Card Competition Act, and both Democrats and Republicans are more likely to support Senate candidates who back the measure, according to a new survey released by MPC.
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Airport Restaurants and Retailers Join Merchants Payments Coalition
MPC announced that the Airport Restaurant and Retail Association has joined the coalition.
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