March 21, 2023
MPC called on Congress and the Federal Reserve to move quickly to address credit and debit card swipe fees, citing new data showing the fees increased dramatically again last year and now cost the average family over $1,000 a year.
March 13, 2023
In case you've missed it, here's a look at what small businesses are saying about credit card swipe fees...
March 01, 2023
In response to the letter, Doug Kantor, executive committee member of the Merchants Payments Coalition, said in a statement that credit unions will be helped by the Credit Card Competition Act. He noted that the bill applies only to financial institutions with at least $100 billion in assets and that only one credit union in the nation meets that test.
February 27, 2023
“Only one credit union in the entire nation meets that test and the rest are exempt,” National Association of Convenience Stores General Counsel Doug Kantor said in response to the letter. “And, the exempt institutions would be more attractive to Visa and Mastercard – helping those small credit unions overcome the disadvantage they have in the market today.”
February 15, 2023
The Merchants Payments Coalition opposed the banks’ request for a deadline extension. The merchant and retail trade group argued in the release that it’s high time the card issuers and networks adhere to regulations put in place years ago. National Association of Convenience Stores General Counsel Doug Kantor contended they don’t deserve any additional time. “Congress told banks and card networks a dozen years ago to implement routing choice for all debit card transactions and that meant both in-store and online,” said Kantor, who is also an MPC executive committee member. “That law has saved merchants and their customers billions of dollars for in-store transactions, but the card industry has continued its anticompetitive practices when it comes to online transactions.”
February 14, 2023
MPC said the Federal Reserve should turn down a request from banks to delay implementation of its long-sought clarification that merchants’ right to choose which payment networks process debit card transactions applies the same online as it does in stores.
February 13, 2023
The MPC cited data from the national Retail Federation that show consumers are expected to spend an average $193 on Valentine’s Day items such as candy, flowers, jewelry, greeting cards, clothing and evenings out this year for a total of $25.9 billion. Based on the average 2.22% rate for Visa and Mastercard, that would include $4.28 in swipe fees – as much as a Valentine’s greeting card or a piece of chocolate from a mid-priced gift box – and would add up to $575 million nationwide if all purchases were made with credit cards, according to the MPC.
February 13, 2023
In general, these swipe fees are one of the highest operating costs for merchants, after labor, and are typically built into pricing, which drives up the cost of goods and services for the average family by about $1,000 a year, according to the Merchants Payments Coalition.
February 13, 2023
MPC pushed back against the banking groups' request, arguing that card issuers have had ample time to prepare. In a response letter, the group noted that the rule change has been in the works for two years, and that banks and credit unions should have been started preparing for this change after Dodd-Frank. "They've already had their delay and shouldn't be allowed to continue dragging their feet," MPC executive committee member and National Association of Convenience Stores General Counsel Doug Kantor said in a written statement. "This is just a stalling tactic to let them continue operating under a virtual monopoly rather than having to compete like other businesses. The time for competition over online debit transactions has come, and implementation should take effect as scheduled."
February 10, 2023
The Merchants Payments Coalition (MPC) has encouraged lawmakers to pass the Credit Card Competition Act, noting the legislation is needed to prohibit China from infiltrating the domestic payments processing market.