In The News
August 12, 2021
NACS filed comments yesterday calling on the Federal Reserve Board to swiftly finalize its proposed clarification that would preserve a retailer’s routing choice on debit transactions.
August 12, 2021
Big bank and merchant groups weighed in just before a deadline on Wednesday in response to the Federal Reserve Board’s proposed debit rule clarification, voicing sharply opposing views on the proposal’s support for making multiple processing networks available, particularly for online transactions.
August 11, 2021
A Federal Reserve proposal making it clear that merchants can choose which payment networks process their online debit card transactions is needed because major banks and networks continue to interfere with competition for debit business a decade after legislation was passed by Congress to fix the problem, the Merchants Payments Coalition said today.
August 11, 2021
WASHINGTON, August 11, 2021 – A Federal Reserve proposal making it clear that merchants can choose which payment networks process their online debit card transactions is needed because major banks and networks continue to interfere with competition for debit business a decade after legislation was passed by Congress to fix the problem, the Merchants Payments […]
August 10, 2021
The Merchants Payments Coalition (MPC) is grateful for the opportunity to provide comment on the Board’s proposed clarification of Regulation II. The language of Regulation II is clear that two unaffiliated networks must be available for all debit transactions, yet for too many years many of the largest issuers have failed to meet that requirement.
August 09, 2021
The Federal Reserve Board is now awash with 560 comments from payments market participants espousing the pros and cons of a seemingly simple rule clarification proposal on the processing of debit card transactions.
August 02, 2021
The reason is that credit card networks and the big banks charge merchants a “swipe” fee averaging about 2 percent of the purchase amount every time a credit card is used, whether it’s swiped, inserted or used via a digital wallet. Those fees add up quickly, totaling almost $100 billion a year. They are among most merchants’ highest cost and drive up prices by hundreds of dollars a year for the average family.
July 26, 2021
Most consumers don’t know it, but the average family pays hundreds of dollars a year because of hidden “swipe” fees banks charge merchants to process credit card transactions.
July 24, 2021
Rather than competing like other vendors, virtually all banks that issue Visa and Mastercard cards follow fee schedules set by the two networks and refuse to negotiate.
July 24, 2021
As a merchant who sees my pocket picked every day by Visa, Mastercard and the big banks, I strongly believe it’s time for Congress and the nation’s banking regulators to do something about the growing problem of “swipe” fees.