Are Visa and Mastercard's Swipe Fees Out of Control?
The Merchants Payments Coalition (MPC) earlier this week sent a letter to the House Financial Services Committee calling on it and Congress to investigate what the trade association calls Visa and Mastercard’s anti-competitive dominance over the U.S. credit and debit card markets.
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Visa and Mastercard's Long-Delayed Interchange Hikes May Arrive Next Month
The Merchant Payments Coalition (MPC) is lobbying the US Congress to block fee increases. A wholesale injunction is unlikely, but an investigation isn't out of the question.
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The Fight Over Swipe Fees is Heating Up
The MPC has since taken its efforts a step further. On March 8, it called on Congress to investigate Visa and Mastercard's "anticompetitive dominance" over the U.S. credit and debit card markets, citing President Joe Biden's call in his State of the Union address to fight inflation by increasing competition.
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Visa Will Lower Credit Card Swipe Fees for Small Business
As a concession to complaints about rate hikes as inflation increases, Visa agreed to lower some rates for small businesses, along with businesses in the travel and day care industries. Fresh criticism of the concession was led by the Merchants Payments Coalition, who believe the swipe fee reductions affect too small a sector and will do nothing to help the vast majority of retailers coping with soaring inflation.
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Merchants Ask Congress to Investigate Visa and Mastercard Fees
The Merchants Payments Coalition has called on Congress to investigate Visa and Mastercard’s anticompetitive dominance over the U.S. credit and debit card markets, citing President Biden’s call in his State of the Union address to fight inflation by increasing competition, according to a news release.
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Swipe Fees Are Falling for Small Businesses. Or Are They?
A concession on interchange rates has done little to appease a merchant lobbying group that is hoping lawmakers will prevent Visa and Mastercard from changing their fees in April. The card networks are planning to implement a long-delayed increase in certain swipe fees next month, but they agreed to cut rates on some transactions for small businesses and the travel and day care industries. The Merchants Payments Coalition says the targeted cuts are small potatoes and won’t help the vast majority of retailers coping with credit card interchange rates that are cutting into profits as inflation soars.
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Mastercard, Visa Prep Fee Hike for April
Mastercard and Visa are preparing to raise the fees paid by merchants when consumers pay with credit cards, The Wall Street Journal (WSJ) reported Tuesday (March 8).
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MPC Asks Congress to Investigate Card Brands
The Merchants Payments Coalition today called on Congress to investigate Visa and Mastercard’s anticompetitive dominance over the U.S. credit and debit card markets, citing President Biden’s call in his State of the Union address to fight inflation by increasing competition.
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Merchants Bid to Block Looming Interchange Fee Hike
The Merchants Payments Coalition is calling on US politicians to block Visa and Mastercard interchange fee hikes that are set to take effect in April.
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MPC Letter to the House Committee on Financial Services
The Merchants Payments Coalition applauds the Committee’s interest and concern with inflation as shown in today’s hearing on “The Inflation Equation: Corporate Profiteering, Supply Chain Bottlenecks and COVID-19” and requests to have this letter submitted into the hearing record. MPC advocates on behalf of the millions of Main Street merchants that accept credit and debit cards in every Congressional district.
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