Inside Washington Retail: Swipe fees hit $224 billion in 2023, highlighting urgent need for reform
The report, welcomed by the Merchants Payments Coalition, underscores the growing burden these fees place on small businesses and consumers. Jennifer Hatcher, Chief Public Policy Officer for FMI and MPC Executive Committee member, emphasized the need for Congress to introduce competition into the payments market to curb the rise in fees.
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CStoreDecisions: Swipe Fees Tally $224 Billion in 2023
The MPC, in collaboration with its consulting firm CMPSI, recently revealed new data which showed that swipe fees from big banks and card networks totaled $224 billion last year — nearly a third more than previously believed.
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NACS Daily: New Swipe Fee Data Shows Costs Totaled $224 Billion in 2023
“This report shows that the cost of swipe fees is much higher than previously known and that the impact on small businesses and consumers is far more severe,” MPC Executive Committee member and FMI—The Food Industry Association Chief Public Policy Officer Jennifer Hatcher said.
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American Banker: How payment firms are responding to CFPB pressure
The Merchant Payments Coalition said the banks were responsible for retailer fees, saying that only three out of eight retailers surveyed by the bureau actually charged a fee. "All of this really at the end of the day, points back to the problems that we've often highlighted with respect to the fees that merchants are charged to accept payment cards of all kinds," said Doug Kantor, a member of the MPC executive committee and general counsel at the National Association of of Convenience Stores.
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HBS Dealer: Data shows more pain at the POS
The Merchants Payments Coalition 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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Convenience Store News: Credit & Debit Card Swipe Fees Reached $224B in 2023
"This report shows that the cost of swipe fees is much higher than previously known and that the impact on small businesses and consumers is far more severe," said Jennifer Hatcher, executive committee member of the Merchants Payments Coalition and chief public policy officer at FMI – The Food Industry Association. "This underscores the need for Congress to bring competition to the broken payments market as soon as possible."
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Digital Transactions: U.S. Merchants Pay the Highest Card Acceptance Costs in the World, a CMSPI Report Contends
The MPC released a statement Tuesday saying the CMSPI report shows the financial impact card-acceptance fees are having on merchants and underscores the need for Congress to bring competition to the payments market as soon as possible.
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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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Inside Washington Retail: Merchants urge CFPB to address bank-driven cash-back fees in small towns
The Merchants Payments Coalition (MPC) is urging the Consumer Financial Protection Bureau (CFPB) to address the root causes of cash-back fees in small towns, attributing them to high swipe fees set by banks and the lack of banking services in these areas. A recent CFPB report revealed that while most merchants offer cash-back at no charge, some charge fees due to the exorbitant costs imposed by credit card companies and unregulated small banks. These fees, which can reach $3 for every $100 given as cash back, contrast sharply with the modest 50 cents to $1 fees merchants typically charge customers. The MPC argues that the real issue lies in the banking and credit card industries, whose rising swipe fees have doubled over the past decade, significantly increasing costs for consumers.
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The Financial Brand: Four Developing Payments Stories That Bankers Must Watch This Fall
The Merchants Payments Coalition turned the study into an anti-banking message. “The CFPB’s report shows most merchants provide cash back to customers at no charge, and that means they are taking losses in order to provide this valuable service. Those who are charging a fee do so because they must pay exorbitant fees to credit card companies and banks,” said Doug Kantor, a member of the coalition’s executive committee and general counsel at the National Association of Convenience Stores. Added Kantor for the coalition: “We should always be clear that the source of the problem with consumer fees on any card transaction is the banking and credit card industry.”
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