Finance Magnates: The Price of Plastic: Why a Small Fee Fight Could Reshape Your Wallet
The Merchants Payments Coalition has emerged as the David in this financial Goliath battle. They argue that the lack of competition in the credit card network allows Visa and Mastercard to dictate swipe fees with impunity. The CCCA, their proposed weapon, aims to level the playing field. Here's the plan: by forcing large banks to allow transactions to be routed through competing networks like NYCE or Discover, the CCCA hopes to ignite a spark of competition. This, in turn, could lead to a domino effect, with lower swipe fees trickling down to both businesses and consumers.
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Payments Dive: CFPB, DOT take aim at airline rewards
“Banks and airlines are taking away peoples’ rewards by devaluing them and making them hard to use,” MPC Executive Committee member Doug Kantor said in the release. “If they had more competitors pushing them to do the right thing, consumers would be treated better.”
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NACS Daily: C-Stores Celebrate Mother’s Day With Deals
"Families are trying to give mothers a special day, but the credit card industry sees Mother's Day as just another chance to dig into consumers' pockets with hidden fees. It's time for Congress to stand up for moms by passing the Credit Card Competition Act," said MPC Executive Committee member and NACS Senior Vice President of Government Relations Lyle Beckwith in a press release.
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Gifts and Decorative Accessories: Small Businesses ‘Need Some Type of Relief:’ Senator Urges Vote on Swipe Fees Legislation
“It’s time for Congress to provide small businesses and consumers with relief from out-of-control credit card swipe fees,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. “Americans pay the highest swipe fees in the industrialized world, but those fees could be reduced if the card industry had to compete the same as small businesses do every day. The CCCA would make that happen.”
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Chain Drug Review: Retailers back Marshall call to pass credit card ‘swipe’ fee legislation
The Merchants Payments Coalition welcomed Senator Roger Marshall’s call for Congress to pass the Credit Card Competition Act. “Back home, I’ve crisscrossed Kansas, meeting with small business owners across the state,” Marshall said. “And in every meeting, they look me in the eye, and they say they need some type of relief.
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Merchants Back Marshall Call to Pass Credit Card ‘Swipe’ Fee Legislation
MPC welcomed Senator Roger Marshall’s call for Congress to pass the Credit Card Competition Act.
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NACS Daily: Swipe Fees Could Cost Over $750 Million This Mother’s Day
“Credit card companies are swiping two flowers out of Mom’s bouquet this Mother’s Day,” Merchants Payments Coalition Executive Committee member and NACS Senior Vice President of Government Relations Lyle Beckwith said in a press release.
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Payments Next: CCCA could save merchants and consumers over $16B a year
“Total swipe fees have jumped above $170 billion per year and cost the average family more than $1,100,” MPC Executive Committee member and National Grocers Association Senior Vice President of Government Relations and Counsel Christopher Jones said. “Given those exploding numbers, the Credit Card Competition Act would save people an estimated $16 billion per year. Small businesses and their customers desperately need a competitive market system and the savings that would come from this legislation. It’s a modest hit to card industry revenues but very significant to those who ultimately pay these fees.”
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Bloomberg Congress Tracker: Lobbyists' Eye Aviation Update
Doug Kantor, an executive committee member of the Merchants Payments Coalition supporting the Durbin-Marshall bill, said he expected “continued discussion and wrangling” over amendments into next week. “If we get a shot on this bill, that’s fantastic,” Kantor said, but added “we don’t worry as much about which specific vehicle.”
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Credit Card ‘Swipe’ Fees Could Cost Consumers Over $750 Million for Mother’s Day
Rapidly growing “swipe” fees that credit card networks and banks charge merchants to process transactions could cost consumers more than $750 million this Mother’s Day, MPC said.
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