Credit Card 'Swipe' Fees Could Cost Consumers $20 Billion During Holiday Season Shopping
Rising swipe fees banks charge merchants to process credit card transactions could cost consumers nearly $20 billion in higher prices – and maybe more – this holiday season, MPC said.
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Hardware Retailing: Merchants Payments Coalition Calls for Vote on Credit Card Competition Act
The Merchants Payments Coalition announced it has joined Senator Richard Durbin, D-Ill., in calling for the Senate to vote on the Credit Card Competition Act.
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Gifts and Decorative Accessories: Senator Durbin on the Floor -- Credit Card Competition Act Will 'Give a Fighting Chance to Small Businesses'
“We agree with Senator Durbin completely,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. “The sponsors of this legislation were promised a vote and it’s time to make good on that promise. Small businesses and families can’t afford to suffer another day under these outrageous fees.”
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Digital Transactions: With Time of the Essence, Arguments for and Against the CCCA Intensify
After Durbin’s remarks, the Merchant Payments Coalition, a merchant lobby that supports the CCCA, issued a statement agreeing with Durbin’s call that the bill be voted on by year’s end. “We agree with Senator Durbin completely,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said in a statement. “The sponsors of this legislation were promised a vote, and it’s time to make good on that promise. Small businesses and families can’t afford to suffer another day under these outrageous fees.”
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Payments Dive: Durbin Bashes United Airlines in CCCA Fight
“The sponsors of this legislation were promised a vote and it’s time to make good on that promise,” National Association of Convenience Stores General Counsel Doug Kantor said in an emailed release. Kantor is also a member of the Merchants Payments Coalition, which has backed the bill, doing battle against banks’ lobbying organizations, including the Electronic Payments Coalition.
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MPC Backs Durbin Call for Promised Vote on Credit Card Competition Act
MPC joined Senator Richard Durbin, in calling for the Senate to vote on the Credit Card Competition Act, saying "Small businesses and families can’t afford to suffer another day under these outrageous fees.”
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Punchbowl News: The Political Viewer's Guide to Washington's Credit Card Wars
Here are the key groups to watch as the credit card war plays out. The merchants: Doug Kantor, general counsel at the National Association of Convenience Stores; Stephanie Martz, chief administrative officer and general counsel at the National Retail Federation and Jennifer Hatcher, chief public policy officer and senior vice president of government and public affairs at the Food Marketing Institute. Kantor is one of Washington’s longest-serving fighters in the credit card wars, pushing for card reforms and lobbying congressional staff since before Dodd-Frank. Martz leads swipe fee strategy for the country’s single largest merchant lobby organization, while Hatcher represents food and grocery retailers, specifically.
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WBZ Radio: Nightside With Dan Rea
MPC Executive Committee member and NRF Senior Director Dylan Jeon tells Boston radio station, “The vast majority of our members prefer cash” because of high swipe fees that have “reached the point where they simply cannot absorb that.”
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Payments Dive: Credit Card Bill May Slide Into 2024
Doug Kantor, (MPC Executive Committee member and) general counsel for the trade group NACS, acknowledged the campaign to pass the CCCA is likely to be pushed into 2024 at this point. His association, which represents convenience stores and fueling stations impacted by card “swipe” fees, has been seeking to build support for the bill on Capitol Hill. There’s a good chance it will have to be next year now, given the fall this year was different from what anyone expected, Kantor said in an interview Wednesday. ... “Merchants remain very motivated to get the Credit Card Competition Act passed and will keep at it until they do,” Kantor said.
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Forbes: Loyalty Points Don't Need Protection, But Here's What Does, Say Merchants
There's been a lot of discussion about the effect of the Credit Card Competition Act on loyalty programs. Will this law really kill credit card rewards? "Absolutely not. This is a scare tactic banks and card companies have used every time swipe fees have been regulated around the world and rewards haven’t gone away anywhere. It has even been fact-checked by Verify.com as completely false. If you watch TV commercials, you know rewards are banks’ top marketing tool to get you to take a Visa or MasterCard from one bank versus another. Get the Capital One card. Get the Chase Sapphire card. There’s no way they’re going to give that up." -- MPC Executive Committee member and NACS General Counsel Doug Kantor
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