In The News

Lack of Competition Fuels Banks’ Hidden Credit Card Tax

Big Wall Street banks and giant credit card companies rake in more than $100 billion a year by skimming off hidden “swipe” fees every time a consumer uses a credit or debit card to pay for a purchase.

Credit Card Companies Acknowledge Their Biggest Fear - Competition

In a recent article, the chairman of a credit card industry coalition expressed his members’ worst fear about bringing competition to who gets to process trillions of dollars in transactions each year. Doing so would result in a situation “in which credit card networks are forced to lower their prices to compete.”

As Merchants Complain of Visa’s High Swipe Fees, Experts Weigh in on the Company’s Role in the Retail Market

Retailers argue that the swipe fees incurred by Visa are simply too high for smaller businesses to survive. Meanwhile, those in support argue that Visa actually supports merchants.

Retail Groups Urge Credit Swipe Routing Changes

Over 10 years after Congress brought competition to how in-store debit card transactions are processed, the Federal Reserve is finally seeking to clarify that the same rules apply to online debit transactions as well.

Daily Independent: Debit Card Competition has Saved Consumers Billions

It’s been more than a decade since Congress brought competition to the way debit card transactions are processed, limiting Visa and Mastercard’s monopoly and giving a dozen independent processing networks like NYCE, Star and Shazam a chance.

American Banker: Even DOJ, FTC Recognize Debit Card Payment Processing is Broken

Retailers Call on Fed to Finalize Regulations Protecting Debit Card Routing Rights

According to the Merchants Payments Coalition (MPC), a Federal Reserve proposal making it clear that merchants can choose which payment networks process their online debit card transactions is needed because major banks and networks continue to interfere with competition for debit business a decade after legislation was passed by Congress to fix the problem.

NACS Urges Federal Reserve to Protect Routing Rights

NACS filed comments yesterday calling on the Federal Reserve Board to swiftly finalize its proposed clarification that would preserve a retailer’s routing choice on debit transactions.

Big Bank, Merchant Groups Weigh in on Fed Rule Clarification

Big bank and merchant groups weighed in just before a deadline on Wednesday in response to the Federal Reserve Board’s proposed debit rule clarification, voicing sharply opposing views on the proposal’s support for making multiple processing networks available, particularly for online transactions.

Merchants Call on Fed to Swiftly Finalize Proposal to Protect Debit Card Routing Rights

A Federal Reserve proposal making it clear that merchants can choose which payment networks process their online debit card transactions is needed because major banks and networks continue to interfere with competition for debit business a decade after legislation was passed by Congress to fix the problem, the Merchants Payments Coalition said today.