Kiosk Marketplace: Swipe fees could cost consumers $683M on Valentine’s day
"For restaurants, swipe fees are anything but a love story," MPC Executive Committee member and National Restaurant Association Director of Technology and Innovation Policy Brennan Duckett said in the release. "On one of the year's biggest dining holidays, these excessive fees raise costs for restaurant operators and for every couple trying to enjoy a special night out. It's time for Congress to show some love to small businesses and their guests by passing the Credit Card Competition Act."
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Pizza Marketplace: Swipe fees could cost consumers $683M on Valentine’s day
"For restaurants, swipe fees are anything but a love story," MPC Executive Committee member and National Restaurant Association Director of Technology and Innovation Policy Brennan Duckett said in the release. "On one of the year's biggest dining holidays, these excessive fees raise costs for restaurant operators and for every couple trying to enjoy a special night out. It's time for Congress to show some love to small businesses and their guests by passing the Credit Card Competition Act."
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Punchbowl News: Ho-ho-hold up on those swipe fees
The Merchants Payments Coalition is taking a holiday-themed swing at the credit card industry over swipe fees as consumers head into December. The MPC, which represents retailers and advocates for the passage of the Credit Card Competition Act, pointed to fresh data released by the consulting firm CMSPI this week suggesting that U.S. customers would fork over nearly $20 billion this season in credit card interchange fees. “If Scrooge and the Grinch conspired on how to ruin the holidays, credit card swipe fees would be their plan,” National Association of Convenience Stores General Counsel Doug Kantor said in a statement.
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U.S. Sun: Americans urged to make payment change to avoid unpredictable surcharges & $1.5k bill – this way ‘everyone saves money’
It’s estimated Americans paid between $187.2 billion and $236.4 billion, or about $1,200 annually per family, in credit card processing fees last year, according to the non-profit Merchants Payments Coalition advocacy group.
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Marketplace: Why don’t grocery stores charge credit card fees?
U.S. companies had to pay more than $187 billion in credit and card fees in 2024, an increase from $172 billion the previous year, according to the Merchant Payments Coalition, a group that advocates for lower credit card fees.
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U.S. News and World Report: Will the Visa-Mastercard Settlement Be Bad News for Your Premium Credit Card?
Could this proposal pass? In all likelihood, probably not. This battle has been going on for 20 years because no one can agree on anything. Both the National Retail Federation and the Merchants Payments Coalition issued statements saying the new proposal should be rejected. "This is the third attempt to settle this case, and the card industry either just doesn't get it or just doesn't care," Stephanie Martz, chief administrative officer and general counsel for the NRF, said in a news release. "The reduction in swipe fees doesn't begin to go far enough, and the change in the honor-all-cards rule would accomplish nothing." "This (proposal) makes a mockery of Judge (Margo) Brodie's admonition in her rejection of the previous settlement that any new settlement must deal with the 'honor all cards' rule," Jennifer Hatcher, a Merchants Payments Coalition executive committee member and FMI – The Food Industry Association chief public policy officer, said in a statement. "It ignores the fact that 85% of cards issued today are rewards cards and that merchants have no choice but to accept them. Banks would likely also have the power to move cards into different categories, effectively forcing merchants to continue to take all cards and pay their high prices."
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RealClear Markets: Chevron Is Gone, But the Fight Against Overregulation Continues
Not everyone’s cheering. Groups like the National Retail Federation and the Merchants Payments Coalition are pushing back, arguing the deal doesn’t go far enough. Fees would still hover around 2% for many transactions, and there’s no ironclad incentive for banks to lower their cut. Worse, it leaves the door cracked for Visa and Mastercard to hike rates elsewhere, perpetuating the very “upward spiral” that’s padded their profits at our expense.
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TechStock2: Mastercard Stock in Focus: Black Friday Strength, Swipe‑Fee Settlement and AI Push Shape the Outlook
Merchant groups including the National Retail Federation and the Merchants Payments Coalition have criticized the deal as “window dressing,” arguing that the fee cuts are too small and that the settlement could entrench Mastercard’s and Visa’s market power.
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SoyNomada: Learn About the Payment Agreement With Visa and Mastercard Cards
Despite the size of the new settlement, trade groups such as the National Retail Federation and the Merchants Payments Coalition remain opposed. They say the agreement does not sufficiently reduce costs and does not address concerns raised by the federal judge who rejected a similar settlement in 2024.
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USA Today: Why some say paying cash is a gift to small businesses this Saturday
Americans paid between $187.2 billion and $236.4 billion, or about $1,200 annually per family, in credit card processing fees last year, according to the nonprofit Merchants Payments Coalition advocacy group. Credit card processing fees are levied both on the price of the goods or services and any taxes or tips added to the bill.
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