NACS Daily: TV Ad Blows the Whistle on Swipe Fees During World Cup
“Visa is spending untold millions of dollars to promote competition in soccer even though it refuses to allow competition over swipe fees and how transactions are routed,” said Doug Kantor, NACS general counsel and Merchants Payments Coalition executive committee member. “Visa says it wants to ‘give football fans from around the world the best way to pay,’ but it should start by allowing competition over the hidden fees that are charged every time soccer fans and other consumers use a credit card. If competition is good on the soccer field, it’s good on the swipe fee playing field as well.”
READ MORE +
TV Ad Targets Visa's Promotion of Competition at World Cup While Blocking Competition Over Swipe Fees
The Merchants Payments Coalition unveiled a new TV commercial that takes aim at Visa’s sponsorship of the FIFA World Cup while refusing to allow competition over billions of dollars in “swipe” fees that drive up prices for consumers.
READ MORE +
Supermarket News: Retailers Press Hard for Credit Card Processing Reform
In the latest salvo in the battle between over transaction pricing between retailer organizations and payment card processors Visa and Mastercard, the Merchants Payments Coalition (MPC) is now asking lawmakers to pass legislation that would allow additional payment networks to process bank card transactions — a move the MPC hopes will create competition and potentially lower the pain of credit card swipe fees.
READ MORE +
Credit Unions Today: While CUs Express Strong Opposition, Nearly 2,000 Merchants Sign Letter Supporting Credit Card Competition Act
The nearly 2,000 merchants are all signatories on a letter that was sent by the Merchants Payments Coalition (MPC) to Congress. The letter argues the bill will bring “long-sought competition to credit card swipe fees that drive up costs for consumers.”
READ MORE +
Convenience Store News: Retailers Continue to Push for Passage of Credit Card Competition Act
"Support for swipe fee competition is quickly building and this letter from a broad cross section of merchants is proof," said Doug Kantor, Merchants Payments Coalition Executive Committee member and NACS general counsel.
READ MORE +
CSP Daily News: 1,800 Merchants Sign On to Latest Swipe Fee Battle
As Congress heads into its lame-duck session, more than 1,800 merchants from across the country called on lawmakers this week to pass legislation that would bring long-sought competition to credit-card swipe fees, according to the Merchants Payments Coalition.
READ MORE +
NACS Daily: Over 1,800 Merchants Ask Congress to Support Credit Card Competition Act
In a letter sent by the Merchants Payments Coalition to all members of the House and Senate, merchants asked lawmakers to support the Credit Card Competition Act sponsored by Senators Richard Durbin, D-Ill., and Roger Marshall, R-Kan., and Representatives Peter Welch, D-Vt., and Lance Gooden, R-Texas.
READ MORE +
Over 1,800 Merchants Ask Congress to Support Credit Card Competition Act
As Congress heads into its lame duck session, more than 1,800 merchants from across the country called on lawmakers to pass legislation that would bring long-sought competition to credit card “swipe” fees that drive up costs for consumers.
READ MORE +
MPC Calls Banks' Swipe Fee Claims 'Downright Lies'
MPC told Congress a recent letter from banking associations was "filled with half-truths, untruths and downright lies" and presented a marked-up copy to set the record straight.
READ MORE +
Bloomberg Law: Visa, Mastercard Face Emerging Competition in Online Payments
The Fed’s current two-or-more-processors requirement for in-person, card-present transactions was enacted in 2011 through an amendment to the Dodd-Frank Act. That change succeeded in increasing Visa and Mastercard’s competition for processing in-person debit card payments. Smaller processors processed more than 40% of such transactions in 2019, the Fed said. But the two credit card giants continue to dominate the networks that process remote, card-not-present debit transactions, said Doug Kantor, general counsel of the National Association of Convenience Stores. The association is a member of Merchants Payments Coalition, a group of retailers that advocates for greater transparency and competition in the US payments system.
READ MORE +