Food Navigator: Rising Credit Card Swipe Fees Squeeze Retailers, But Will Legislation to End 'Visa-Mastercard Duopoly' Pass Before Republicans Take Control of Congress?
"It does not have to be this way," said MPC Executive Committee member and NACS General Counsel Doug Kantor.
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Progressive Grocer: Retailers Speak Out on Anticompetitive Credit Card Market
“Most consumers are not aware of these fees or the effect they have on the cost of goods and services and the U.S. economy, but the effects are dramatic,” said Merchants Payment Coalition executive committee member and National Association of Convenience Stores General Counsel Doug Kantor, in his testimony at the hearing on behalf of both organizations. “For merchants, these excessive and ever-increasing fees are a constant source of stress and financial difficulty, and for consumers they contribute significantly to inflation. In fact, swipe fees reduce efficiency across the economy.”
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Digital Transactions: A Senate Panel Sends a Signal: Time to Cut a Deal on Swipe Fees
Responding to the committee member’s comments, representatives of the merchant community said they would welcome an opportunity to sit down at the negotiating table with Visa and Mastercard and work out a solution. “Merchants have been at the table waiting patiently, but the card networks have shown no interest,” says Doug Kantor, general counsel for the National Association of Convenience Stores (and MPC Executive Committee member), who testified at the hearing. “Every day the card networks do nothing [about providing swipe fee relief] means billions of dollars for them, so that’s why we are asking Congress for help.” Kantor argues that if Congress were to pass the CCCA or take other steps to provide swipe-fee relief, it would break the Visa and Mastercard duopoly and create true competition that would pave the way for negotiations. “That’s why we want Congress to act,” Kantor says. “Any action from Congress would be a dramatic improvement” over the current system.
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NACS Daily: Excessive Credit Card Fees in Capitol Spotlight
In his testimony, (MPC Executive Committee member and NACS General Counsel Doug) Kantor pointed out that the huge costs of the system, which disproportionately impact lower-income Americans, are “an ongoing problem, and consumers don't know it. Everything about this is hidden from them. They're not aware of the role Visa and MasterCard play. They're not aware of the other processors in the system. They're not given information about the pricing or the fact that there’s any fees at all.”
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American Banker: Republicans to Visa and Mastercard: Figure it out, or we will
Douglas Kantor, (MPC Executive Committee member and) general counsel at the National Association of Convenience Stores, testified at the hearing that the bill would "introduce market competition where there is none today." "The harm done to merchants, consumers and the U.S. economy due to the anticompetitive actions of the card industry is far too large and should end," Kantor said.
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Mass Market Retailers: Merchants Payments Coalition pushes for "swipe" fee reform at Senate hearing
"Most consumers are unaware of these fees or their significant impact on the cost of goods, services, and the broader economy," said Doug Kantor, MPC Executive Committee member and General Counsel for the National Association of Convenience Stores. "For merchants, these excessive and ever-increasing fees are a constant financial burden, and for consumers, they significantly contribute to inflation."
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Chain Drug Review: Merchants Payments Coalition pushes for "swipe" fee reform at Senate hearing
"Most consumers are unaware of these fees or their significant impact on the cost of goods, services, and the broader economy," said Doug Kantor, MPC Executive Committee member and General Counsel for the National Association of Convenience Stores. "For merchants, these excessive and ever-increasing fees are a constant financial burden, and for consumers, they significantly contribute to inflation."
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C-SPAN: Senate Hearing on Competition in the Credit Card Market
MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor testifies about rising swipe fees and the need to pass the Credit Card Competition Act before the Senate Judiciary Committee.
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Convenience Store News: Retailer Groups Urge Senate to Change 'Anticompetitive' Swipe Fee System
"Most consumers are not aware of these fees or the effect they have on the cost of goods and services and the U.S. economy, but the effects are dramatic," MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. "For merchants, these excessive and ever-increasing fees are a constant source of stress and financial difficulty, and for consumers they contribute significantly to inflation. In fact, swipe fees reduce efficiency across the economy. "It does not have to be this way," Kantor continued, adding that the Credit Card Competition Act would introduce market competition where none currently exists by creating incentives for innovation on price and service that would benefit both consumers and the economy. "Swipe fees desperately need those incentives but lack them today. The CCCA would deliver on that."
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Merchants Tell Senate Anticompetitive Credit Card ‘Swipe’ Fee System ‘Does Not Have to be This Way’
MPC testified before the Senate Judiciary Committee that rising credit card “swipe” fees cost small businesses and their customers billions of dollars each year and called for passage of the Credit Card Competition Act to bring the fees under control. “Most consumers are not aware of these fees or the effect they have on the cost of goods and services and the U.S. economy, but the effects are dramatic,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said.
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