Merchants Agree 'Enough is Enough' as Senators Address New Visa and Mastercard Credit Card Swipe Fee Hikes
MPC welcomed remarks on the Senate floor by sponsors of the Credit Card Competition Act addressing Visa and Mastercard’s reported plans to increase credit card swipe fees by more than $500 million beginning next month.
READ MORE +
Gifts and Decorative Accessories: Merchants Agree 'Enough is Enough' as Senators Address Credit Card Swipe Fee Hikes
“Merchants have been calling for relief from rising swipe fees but Visa and Mastercard’s response is to increase these fees again,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. “Consumers and small businesses in the United States are already paying far more in swipe fees than any country in the industrialized world and can’t afford to pay more. Visa and Mastercard apparently don’t care. We agree that enough is enough. It’s time to pass the Credit Card Competition Act so global card networks and Wall Street banks will have to compete the same as Main Street businesses do every day.”
READ MORE +
Payments Dive: CCCA Backers Target Vote This Year
Marshall “feels confident in that, and we take a lot of confidence from that as well,” said (MPC Executive Committee member) Doug Kantor, who is general counsel for the trade group NACS, an association that represents convenience stores and fueling stations impacted by card ‘swipe’ fees.
READ MORE +
Motley Fool: Visa and Mastercard Dispute Reports About Fee Hikes; Here's What Investors Need to Know
According to (MPC Executive Committee member) Doug Kantor, chief counsel at the National Association of Convenience Stores, the bill could potentially reduce swipe fees for merchants by $11 billion or more annually.
READ MORE +
Digital Transactions: Who Will Route Transactions?
“The skittishness on the debit networks’ part isn’t over business concerns, it is over political concerns,” says Doug Kantor, an executive committee member of the Merchants Payments Coalition and general counsel for the National Association of Convenience Stores. “The debit networks have the capacity to fill this role,” he adds. “especially since credit card volume will not all flow through one alternative network and the decision on which alternative networks to support will be made on a bank-by-bank basis should the CCCA pass. But the banking industry has worked itself into a frenzy over this issue.”
READ MORE +
Retail Brew: Visa and Mastercard Will Bump Up Credit Card Transaction Fees
“It’s just a bad combination and bad timing for any of these fee increases to happen,” (MPC Executive Committee member) Doug Kantor, general counsel of the National Association of Convenience Stores, told the WSJ, explaining that many businesses are still in a tough position because of the pandemic.
READ MORE +
NACS Daily: Visa and Mastercard to Increase Swipe Fees
NACS and the Merchants Payments Coalition fully support the bipartisan Credit Card Competition Act.
READ MORE +
CSP Daily News: Visa, Mastercard Set to Raise Swipe Fees
The bipartisan Credit Card Competition Act of 2023, designed to provide merchants relief from swipe fees, was reintroduced in Congress in June and has the support of the NACS, the Merchants Payment Coalition, the National Retail Federation and other business groups.
READ MORE +
Winsight Grocery Business: FMI, NRF and Others Push Back on Reports of Rising Credit Card Fees
News on Wednesday that Visa and Mastercard are planning to raise credit-card network and interchange fees is “another finger in the eye in this economic climate” to the grocery industry and other retailers, FMI – The Food Industry Association Chief Public Policy Officer (and MPC Executive Committee member) Jennifer Hatcher said.
READ MORE +
Payments Dive: Visa, Mastercard Eye Price Increase
The legislation, sponsored by a bipartisan group of lawmakers, has unleashed a battle among special interests in Washington. While merchant trade groups, such as the National Retail Federation and Merchants Payments Coalition, are backing the bill, those that represent the banks and card companies, including the Electronic Payments Coalition, are opposing it.
READ MORE +