Merchants Say New Federal Reserve Rules Will Ease Visa and Mastercard's Anticompetitive Control of Online Debit
MPC welcomed the Federal Reserve’s long-awaited approval of new rules making it clear that merchants’ right to choose which payment networks process trillions of dollars in debit card transactions each year applies the same online as it does in stores and must be honored by banks and card companies.
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Merchants Welcome House Introduction of Credit Card Competition Act
The Merchants Payments Coalition welcomed House introduction of the Credit Card Competition Act by Representatives Peter Welch, D-Vt., and Lance Gooden, R-Texas.
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Nearly 1,700 Merchants From Small to Large Ask Congress to Support Bipartisan Credit Card Competition Legislation
More than 200 merchant trade associations and close to 1,700 companies ranging from Main Street small businesses to national chains called on Congress to support legislation sponsored by Senators Richard Durbin and Roger Marshall that would finally bring badly needed competition to the credit card market.
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Kansas Merchants Meet with Marshall on Need for Competition Over Credit Card 'Swipe' Fees
Merchants from across Kansas met with Senator Roger Marshall to emphasize how lack of competition over credit card processing drives up prices paid by consumers and thanked him for introducing the bipartisan Credit Card Competition Act.
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Merchants Say Credit Card Legislation Would Introduce Long-Awaited Competition While Saving Consumers Billions
MPC welcomed bipartisan legislation sponsored by Senators Richard Durbin and Roger Marshall that would let merchants choose which payments networks process credit card transactions, saying the measure would create long-sought competition that could save businesses and consumers billions of dollars a year.
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Merchants Say Credit Card 'Swipe' Fees Will Add $2.5 Billion to Back-to-School Spending
“Swipe” fees banks charge merchants to process credit card transactions will contribute an estimated $2.5 billion to the cost of everything from crayons to computers as American families hit with rising inflation send their children back to school and college this year, the Merchants Payments Coalition said. That amounts to almost $20 in swipe fees for the average family.
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Merchants Say Credit Card 'Swipe' Fees Will Add to Inflation for Those Celebrating Fourth of July
“Swipe” fees banks charge merchants to process credit card transactions will add hundreds of millions of dollars to the cost of everything from food to fireworks as Americans struggling amid rampant inflation celebrate Independence Day this year, the Merchants Payments Coalition said.
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With Powell Confirmed, Merchants Say It's Time for Fed to Complete Work on Debit Routing and Fees
As the Senate confirmed Chairman Jerome Powell for another term today, the Merchants Payments Coalition called on the Federal Reserve to finalize a year-old proposal clarifying that merchants can choose which payment networks process debit card transactions regardless of whether purchases are made in stores or online.
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Merchants Testify Before Congress That Lack of Competition Has Led to Soaring Credit Card Swipe Fees
The Merchants Payments Coalition today called on Congress to bring competition to the U.S. credit card market, saying decades of domination by Visa and Mastercard has shut out innovation and led to soaring “swipe” fees that are a burden for small businesses, drive up prices for consumers and contribute to inflation.
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Merchants Welcome Senate Hearing on Anticompetitive Credit Card Industry Practices Fueling Inflation
The Merchants Payments Coalition welcomed today’s announcement that the Senate Judiciary Committee will hold a hearing next week on anticompetitive practices by the credit card industry that have led credit card “swipe” fees to more than double over the past decade and are driving up prices as consumers face near-record inflation.
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