In The News
February 07, 2023
The Merchants Payments Coalition told a House committee holding a hearing on economic threats from China that passage of the Credit Card Competition Act is needed to keep China from “infiltrating” the U.S. payments processing market.
February 02, 2023
For most merchants, these fees are their highest operating cost after labor and drive up prices by $900 a year for the average Delaware family, according to the Merchants Payments Coalition.
February 01, 2023
Recently reported by the Merchants Payments Coalition (MPC), rising swipe fees banks charge merchants to process credit and debit card transactions could potentially cost consumers over $500 million in higher prices for Valentine’s Day items this year. “There’s nothing romantic about swipe fees,” Doug Kantor, MPC executive committee member and National Association for Convenience Stores (NACS) general counsel, said
February 01, 2023
Swipe fees that banks charge merchants to process credit and debit card transactions could potentially cost consumers more than $500 million in higher prices for everything from cards and candy to roses and rings this Valentine’s Day, according to the Merchants Payments Coalition (MPC).
January 31, 2023
Rising swipe fees banks charge merchants to process credit and debit card transactions could potentially cost consumers over $500 million in higher prices for everything from cards and candy to roses and rings this Valentine’s Day, MPC said.
January 24, 2023
Swipe fees are far too much for merchants to absorb and must be included in retail pricing, costing the average California family an estimated $900 a year, according to the Merchants Payments Coalition.
January 18, 2023
“There’s just much more activity and concern about these payments issues than has been true maybe at any other time,” said Doug Kantor, general counsel for the National Association of Convenience Stores. ... “It’s a new Congress where there’s a lot of potential avenues, legislatively,” said Kantor, who is also an executive committee member for the trade group Merchants Payments Coalition. Last year, “the menu of what was going to occur was much more limited.”
January 16, 2023
The Credit Card Competition Act is set to end Visa and Mastercard’s longstanding monopoly over how transactions on credit cards issued under their brands are routed for processing. Credit Card swipe fees in the US are the highest in the industrialized world. The Credit Card Competition Act was introduced to Congress in July, and its bipartisan sponsors (Senators Richard Durbin, D-Ill., and Roger Marshall, R-Kan., and Representatives Peter Welch, D-Vt., and Lance Gooden, R-Texas) are hoping for action in 2023. Over 1,802 merchants and 236 merchant trade associations have shown their support for the legislation through letters submitted to lawmakers by the Merchant Payment Coalition. Joining us this morning to help us understand this is MPC Executive Committee member and National Association for Convenience Stores General Counsel Doug Kantor
January 15, 2023
These fees average over 2% of each purchase and are most merchants’ highest operating cost after labor, far too much to absorb. They have more than doubled over the past decade and soared 25% in 2021 alone to a record $138 billion. That works out to $900 a year for the average family, according to the Merchants Payments Coalition.
January 09, 2023
Credit and debit card processing fees, which are paid as a percentage of every transaction, have more than doubled over the last decade. According to the Merchants Payments Coalition, these fees cost merchants, including restaurants, $137.8 billion in 2021, increasing from $110.3 billion in 2020.