Merchants Welcome Delay of Visa/Mastercard Swipe Fee Hike but Say Fees Are Still Too High
The Merchants Payments Coalition welcomed today’s announcement by Visa and Mastercard that nearly $1.2 billion in credit card swipe fee increases will be postponed for a year, but said existing fees are already too high and need to be addressed by Congress.
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Credit Card Swipe Fee Increases Temporarily Delayed
The Merchants Payments Coalition welcomed Visa and Mastercard’s announcement that nearly $1.2 billion in credit card swipe fee increases will be postponed for a year, but said existing fees are already too high and need to be addressed by Congress.
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Mastercard, Visa to postpone some fee increases next month
Durbin and Rep. Peter Welch, D-VT, sent a letter to the companies this month urging them not to increase fees.
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Card brands postpone fee hike, but merchants want interchange reform
The major card networks have postponed a planned interchange fee hike yet again in light of the reality of an ongoing pandemic, pleas from merchant groups and pressure from Sen. Dick Durbin, D-Ill.
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Visa, Mastercard to Delay Merchant Fee Hikes Another Year
Visa Inc. and Mastercard Inc. are postponing plans to boost the fees U.S. merchants pay when consumers use credit cards online, pushing back the changes another year to April 2022 because of the pandemic.
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Merchants Welcome Durbin Concern that Visa and Mastercard Want to ‘Get Even’ with Swipe Fee Increases
The Merchants Payments Coalition welcomed attention brought to rising credit card processing fees by Senate Judiciary Committee Chairman Richard J. Durbin, D-Ill., during an antitrust hearing today.
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Industry ‘Pleased’ by Legislators' Request to Cancel Swipe Fee Hike
The grocery industry has described itself as “extremely pleased” by a letter sent by federal lawmakers encouraging major credit card companies to cancel planned increases in interchange fees, also known as “swipe fees,” which food retailers maintain would be detrimental to businesses and consumer
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Merchants Payments Coalition Welcomes Durbin/Welch Request for Visa and Mastercard to Cancel Fee Increase
The Merchants Payments Coalition welcomed a letter sent today by Senator Richard J. Durbin, D-Ill., and Representative Peter Welch, D-Vt., calling on Visa and Mastercard to cancel a nearly $1.2 billion increase in credit card processing fees scheduled to take effect in April.
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Interchange to rise in April, but card brands offer an olive branch
Last year the major card networks decided, amid the pandemic, to hold off on adjusting interchange fees until April of 2021. This would be the most substantial change to the interchange rate structure in a decade, and the card networks have not signaled plans to delay it further.
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