Big Banks Should Not Be Priming the Pump to Gouge Consumers and Main Street as Card Volume Rises
The Merchants Payments Coalition today decried outrageous swipe fees pocketed by big banks, which have reported dramatic increases in credit and debit card volume this week as Main Street still struggles to recover from the COVID-19 pandemic.
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Trade Group Seeks Biden Antitrust Focus on Payments
The Merchants Payments Coalition (MPC) called on the Biden administration to include the payments industry in its federal crack down on antitrust concerns in American business.
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Colorado scraps ban on credit card surcharges
Colorado passed a new law this week jettisoning its ban on credit card surcharges, leaving only two states with such prohibitions as a nationwide legal campaign against the ban gains ground.
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Merchants Welcome Biden Order on Competition and Say it Should be Applied to Payments Market
The Merchants Payments Coalition welcomed an executive order on competition signed today by President Joe Biden and called for its principles to be applied to address lack of competition in the payments market.
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Deep Dive: The Impact Of Interchange Fees And How Global Firms Can Optimize Cross-Border Payments
Plans for card network giants Visa and Mastercard to raise interchange fees in April were met with resistance among merchants and politicians, as many businesses are still workin
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Merchants Call on Fed to Cut Debit Card Swipe Fee
The Merchants Payments Coalition called on the Federal Reserve to revise debit card swipe fee regulations adopted a decade ago, citing a new Fed report showing banks’ average cost of processing the transactions has fallen by ha
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Fed Proposes Review of Debit Transaction Routing, but Leaves Fee Alone
The Fed will review whether a rule requiring options in routing debit transactions is being followed, but angered merchants when it kept the cost basis for a national debit fee cap unchanged.
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Merchants Call on Fed to Cut Debit Card Swipe Fee Rate as Banks’ Costs Fall, Applaud Routing Announcement
The Merchants Payments Coalition called on the Federal Reserve today to revise debit card swipe fee regulations adopted a decade ago, citing a new Fed report showing banks’ average cost of processing the transactions has fallen by half. MPC also welcomed the Fed’s announcement that it plans to clarify that debit card routing requirements apply to all transactions regardless of whether they take place online, in-store or in another form.
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Visa, Mastercard Face Biggest Challenges in a Decade
Regulatory, legislative and court confrontations over the card network companies' fees are ratcheting up pressure again for reform of the behemoths' practices.
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Merchants Welcome Reported DOJ Investigation of Visa Debit Card Routing Issues
The Merchants Payments Coalition welcomed published reports today that the Department of Justice is investigating whether Visa is engaging in anticompetitive practices related to how debit card transactions are routed for processing.
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