American Banker: The politics of payment fees: Harris, Trump and the future of interchang
Both the Biden and Trump administrations were relatively aggressive on antitrust issues, according to Doug Kantor, a member of the Merchant Payments Coalition executive committee and general counsel at the National Association of Convenience Stores, noting the regulatory pressure on Visa's attempted acquisition of Plaid that spanned both administrations and resulted in the deal being scuttled in 2021. And President Joe Biden has pushed for greater scrutiny of bank mergers and acquisitions, a bent toward antitrust that could spell greater pressure on card fees under a Harris administration, according to Kantor. "With the Democrats, there is a willingness to look hard at consolidation in payments," Kantor said of the concentration of power in the payments industry.
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Payments Dive: Credit Card Competition bill backers keep pressure on
The latest Marshall spot, reported earlier this week by the Washington outlet Punchbowl News, is part of a larger MPC advertising campaign promoting the bill, said Doug Kantor, an executive committee member for the Merchants Payments Coalition. “We’re always on a crusade to get it passed — if they were to vote on it today, we’re ready,” Kantor said in an interview Thursday.
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Digital Transactions: The Electronic Payments Coalition Weighs in on a Lawsuit Challenging Illinois’s Interchange Law
“It is more common to see these briefs filed in appellate court,” says Doug Kantor, executive committee member for the Merchants Payment Coalition and general counsel for the National Association of Convenience Stores. The MPC’s Kantor counters the brief is unlikely to have much influence with the court because of the merits of the Illinois law. “I doubt this will be as helpful as [the EPC] thinks, “Kantor says.
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Punchbowl New: Marshall cuts credit card ad with merchants coalition
The Senate’s top Republican sponsor of a bill targeting the credit card industry recorded a radio advertisement paid for by the Merchants Payments Coalition, a retail industry advocacy organization. In an ad recorded for and run on former Fox News personality Tucker Carlson’s The Tucker Podcast, Sen. Roger Marshall (R-Kan.) calls on Americans to “call your senator today and demand they pass the Credit Card Competition Act.”
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Pluribus News: Nationwide swipe fee battle looms after new Illinois law
Card fees are the second highest operating cost U.S. retailers face, said Doug Kantor, executive committee member of the Merchants Payments Coalition, which advocates for restaurants, supermarkets, retailers and other merchants. “Labor is No. 1, card fees is No. 2,” he said. “It’s more than the cost of health care, it’s more than the cost of rent on commercial space, it’s more than the cost of utilities. It’s unbelievable how expensive it’s become.”
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CStoreDecisions: Swipe Fees Tally $224 Billion in 2023
The MPC, in collaboration with its consulting firm CMPSI, recently revealed new data which showed that swipe fees from big banks and card networks totaled $224 billion last year — nearly a third more than previously believed.
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Inside Washington Retail: Swipe fees hit $224 billion in 2023, highlighting urgent need for reform
The report, welcomed by the Merchants Payments Coalition, underscores the growing burden these fees place on small businesses and consumers. Jennifer Hatcher, Chief Public Policy Officer for FMI and MPC Executive Committee member, emphasized the need for Congress to introduce competition into the payments market to curb the rise in fees.
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NACS Daily: New Swipe Fee Data Shows Costs Totaled $224 Billion in 2023
“This report shows that the cost of swipe fees is much higher than previously known and that the impact on small businesses and consumers is far more severe,” MPC Executive Committee member and FMI—The Food Industry Association Chief Public Policy Officer Jennifer Hatcher said.
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American Banker: How payment firms are responding to CFPB pressure
The Merchant Payments Coalition said the banks were responsible for retailer fees, saying that only three out of eight retailers surveyed by the bureau actually charged a fee. "All of this really at the end of the day, points back to the problems that we've often highlighted with respect to the fees that merchants are charged to accept payment cards of all kinds," said Doug Kantor, a member of the MPC executive committee and general counsel at the National Association of of Convenience Stores.
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HBS Dealer: Data shows more pain at the POS
The Merchants Payments Coalition welcomed new data released today by payments consulting firm CMSPI showing that “swipe fees” big banks and card networks charge merchants to process credit and debit card transactions totaled $224 billion last year, nearly a third more than previously believed.
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