CStore Decisions: Reintroduced Credit Card Competition Act Could Save Retailers $11 Billion Per Year
Close to 2,000 companies and a total of 270 trade associations from across the country signed letters this week calling on Congress to pass the Credit Card Competition Act, MPC said.
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KMOX Radio: Push to Lower Fees That Retailers Are Charged When You Pay With Plastic
MPC Executive Committee member and NRF Senior Director Dylan Jeon tells KMOX radio the Credit Card Competition Act will deliver “much-needed and long-overdue relief for both businesses and consumers.”
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Nearly 2,000 Companies and 270 Trade Associations Call for Passage of Credit Card Competition Act
Close to 2,000 companies and a total of 270 trade associations from across the country signed letters this week calling on Congress to pass the Credit Card Competition Act, the Merchants Payments Coalition said.
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American Banker: Durbin Revives Credit Card Swipe Fee Bill With Added Support
Merchant lobbying groups cheered the move, claiming the legislation would end an unfair monopoly Visa and Mastercard enjoy in setting interchange rates. Merchants pay more than 2% of each transaction in fees, amounting to more than $11 billion a year that merchants and consumers absorb, the Merchants Payments Coalition, a Washington, D.C.-based nonprofit representing a broad swath of online and in-store merchants, said in a Wednesday press release.
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Convenience Store News: Federal Lawmakers Poised to Address Credit Card Swipe Fees
NACS is a founding member and serves on the Executive Committee of the Merchants Payments Coalition, a coalition comprising NACS and other merchant groups representing brick-and-mortar and online retailers.
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MarketWatch: Visa, Mastercard Stocks Dip as Congress Takes Renewed Aim at Credit Card Fees
Mike Beal, the chief financial of family-owned grocery Ball Foods, said that “small businesses pay the highest swipe fee rates, we don’t have the resources to navigate complex credit card contracts, and we have absolutely no leverage to negotiate as these fees rise higher every year,” according to a release from the Merchants Payments Coalition.
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CSP Daily News: Swipe Fee Legislation Reintroduced to Spur Competition, Tame Rising Fees
“We look forward to them passing this bipartisan, pro-Main Street legislation this year,” said Doug Kantor, an executive committee member at Merchants Payments Coalition and general counsel for the National Association of Convenience Stores. “The sooner the credit-card industry can be made to compete the better.”
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Fox Business: New Credit Card Bill Targeting Visa-Mastercard 'Duopoly' Triggers Lobbying Onslaught
Last year, merchants were charged $126.4 billion in credit card swipe fees, which was 20% higher than what they paid in 2021. According to the Merchants Payments Coalition, this means the average family had to shell out an additional $1,024 on items due to higher credit and debit card swipe fees even before inflation.
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Merchants Say Reintroduced Credit Card Competition Act Would Save Businesses and Consumers Billions
MPC welcomed reintroduction of the Credit Card Competition Act, saying the measure would provide relief from billions of dollars in rapidly rising “swipe” fees that drive up prices for consumers.
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CSP Daily News: U.S. C-Store Merchants Call for Action on Swipe Fees
Visa and Mastercard’s market dominance in the U.S. hasn’t been regulated to the same extent as in other nations, where laws or agreements to hold the line on the interchange fees, (MPC Executive Committee member Doug) Kantor said. “So everywhere has been able to reduce the fees more than the United States. We have the highest fees in the world,” Kantor told CSP Daily News Thursday.
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