Progressive Grocer: Retailers Speak Out on Anticompetitive Credit Card Market
“Most consumers are not aware of these fees or the effect they have on the cost of goods and services and the U.S. economy, but the effects are dramatic,” said Merchants Payment Coalition executive committee member and National Association of Convenience Stores General Counsel Doug Kantor, in his testimony at the hearing on behalf of both organizations. “For merchants, these excessive and ever-increasing fees are a constant source of stress and financial difficulty, and for consumers they contribute significantly to inflation. In fact, swipe fees reduce efficiency across the economy.”
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Digital Transactions: A Senate Panel Sends a Signal: Time to Cut a Deal on Swipe Fees
Responding to the committee member’s comments, representatives of the merchant community said they would welcome an opportunity to sit down at the negotiating table with Visa and Mastercard and work out a solution. “Merchants have been at the table waiting patiently, but the card networks have shown no interest,” says Doug Kantor, general counsel for the National Association of Convenience Stores (and MPC Executive Committee member), who testified at the hearing. “Every day the card networks do nothing [about providing swipe fee relief] means billions of dollars for them, so that’s why we are asking Congress for help.” Kantor argues that if Congress were to pass the CCCA or take other steps to provide swipe-fee relief, it would break the Visa and Mastercard duopoly and create true competition that would pave the way for negotiations. “That’s why we want Congress to act,” Kantor says. “Any action from Congress would be a dramatic improvement” over the current system.
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American Banker: Republicans to Visa and Mastercard: Figure it out, or we will
Douglas Kantor, (MPC Executive Committee member and) general counsel at the National Association of Convenience Stores, testified at the hearing that the bill would "introduce market competition where there is none today." "The harm done to merchants, consumers and the U.S. economy due to the anticompetitive actions of the card industry is far too large and should end," Kantor said.
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Mass Market Retailers: Merchants Payments Coalition pushes for "swipe" fee reform at Senate hearing
"Most consumers are unaware of these fees or their significant impact on the cost of goods, services, and the broader economy," said Doug Kantor, MPC Executive Committee member and General Counsel for the National Association of Convenience Stores. "For merchants, these excessive and ever-increasing fees are a constant financial burden, and for consumers, they significantly contribute to inflation."
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Chain Drug Review: Merchants Payments Coalition pushes for "swipe" fee reform at Senate hearing
"Most consumers are unaware of these fees or their significant impact on the cost of goods, services, and the broader economy," said Doug Kantor, MPC Executive Committee member and General Counsel for the National Association of Convenience Stores. "For merchants, these excessive and ever-increasing fees are a constant financial burden, and for consumers, they significantly contribute to inflation."
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Merchants Tell Senate Anticompetitive Credit Card ‘Swipe’ Fee System ‘Does Not Have to be This Way’
MPC testified before the Senate Judiciary Committee that rising credit card “swipe” fees cost small businesses and their customers billions of dollars each year and called for passage of the Credit Card Competition Act to bring the fees under control. “Most consumers are not aware of these fees or the effect they have on the cost of goods and services and the U.S. economy, but the effects are dramatic,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said.
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C-SPAN: Senate Hearing on Competition in the Credit Card Market
MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor testifies about rising swipe fees and the need to pass the Credit Card Competition Act before the Senate Judiciary Committee.
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Convenience Store News: Retailer Groups Urge Senate to Change 'Anticompetitive' Swipe Fee System
"Most consumers are not aware of these fees or the effect they have on the cost of goods and services and the U.S. economy, but the effects are dramatic," MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. "For merchants, these excessive and ever-increasing fees are a constant source of stress and financial difficulty, and for consumers they contribute significantly to inflation. In fact, swipe fees reduce efficiency across the economy. "It does not have to be this way," Kantor continued, adding that the Credit Card Competition Act would introduce market competition where none currently exists by creating incentives for innovation on price and service that would benefit both consumers and the economy. "Swipe fees desperately need those incentives but lack them today. The CCCA would deliver on that."
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Payments Dive: Durbin gives credit card bill another Senate push
(MPC Executive Committee member) Doug Kantor, general counsel for a trade group that has been backing the legislation — the National Association of Convenience Stores — noted in an interview this week that the legislation has enjoyed bipartisan support. Co-sponsor Sen. Roger Marshall, a Republican from Kansas, has been spearheading the bill as ardently as Durbin. Other big name Republicans have also signed on, including Vice President-Elect J.D. Vance and Sen. Josh Hawley.
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The Center Square: As giving season arrives, calls for an end to swipe fees on donations
While many banks oppose the proposed legislation, a survey by the Merchants Payments Coalition found that a majority of Americans support the Credit Card Competition Act. "According to the survey, 55% of likely voters in this fall’s general election support the CCCA while only 7% oppose it, and 38% are unsure," a news release accompanying the survey says. "Supporters outnumber opponents by nearly 50 percentage points."
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