Credit Unions Today: Merchants Payments Group Says Record Profits at Banks Another Reason to Pass Credit Card Bill
The Merchants Payments Coalition is continuing its messaging around credit card swipe fees, saying the record first-quarter revenue and near-record profits at JPMorgan Chase, the nation’s largest credit card issuer, show the need for Congress to pass the Credit Card Competition Act.
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American Banker: Are Small Online Merchants Ready for Visa's New Fraud Rules?
MPC Executive Committee member Doug Kantor says a new Visa program that lets online merchants automatically reject “friendly fraud” chargebacks – but only if they can supply the customer’s IP address, device ID or fingerprint – is “small consolation for the bigger fraud burdens merchants carry and many of the unfair practices surrounding how the card networks assign liability.”
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Gifts and Decorative Accessories: Swipe Fees, Bank Profits Hit New Record Highs Again; Here's How That's Impacting Retailers and Consumers
The Merchants Payments Coalition (MPC) released a statement today again calling for Congress to pass the Credit Card Competition Act after record first-quarter revenue and near-record profits at JPMorgan Chase.
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Merchants Say Record JPMorgan Revenues Show Need to Address Swipe Fees
MPC says record first-quarter revenue and near-record profits at JPMorgan Chase, the nation’s largest credit card issuer, show the need for Congress to pass the Credit Card Competition Act.
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Lancaster (Ohio) Eagle-Gazette: Small Businesses Suffer the Worst Under High Credit Card 'Swipe' Fees
Smoke Stack Hobby Shop co-owner Patti Riordan says customers who know about high swipe fees sometimes offer cash. She cites MPC's estimate that swipe fees cost the average family over $1,000 a year in higher prices.
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Delaware State News: Credit Card Fees Are Swiping Away American Dream
During a recent Washington “fly-in” held by the Merchants Payments Coalition and the National Retail Federation, I was dumbfounded by lawmakers who said their concern was the “health and well-being” of banks rather than their own constituents.
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Credit Unions Today: Merchants Group Says Swipe Fees Drove Up Costs at Easter
The Merchants Payments Coalition was back with another holiday-related metaphor to illustrate what it says is the cost to consumers of rising “swipe” fees charged retailers by banks and credit card networks. During the Easter holiday, the MPC said those fees cost the average consumer the equivalent of a dozen eggs and potentially total over half a billion dollars nationwide.
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Supermarket News: Retailers Paid $126.4B in Credit Card Processing Fees in 2022
The Merchants Payments Coalition has called on Congress and the Federal Reserve to move quickly to address credit and debit card-swipe fees, citing new data showing the fees increased dramatically again last year and now cost the average family over $1,000 a year.
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NACS Daily: Credit Card Fees to Cost Consumers $500 Million+ This Easter
The swipe fees that big banks and credit card networks charge retailers to process transactions could cost the average consumer the equivalent of a dozen eggs this Easter, reports the Merchants Payments Coalition. Overall, swipe fees could total more than half a billion dollars nationwide this Easter.
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Floor Covering News: How to Combat Credit Card Fees
It’s no secret that in recent years credit card fees have been nipping at floor covering retailers’ profit margins. According to the Merchants Payments Coalition, an organization that represents retailers and others fighting for a more competitive and transparent card system, credit and debit card swipe fees have more than doubled over the past decade—soaring to 25% in 2021 alone to a record $137.8 billion.
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