Gifts and Decorative Accessories: Could Lower Swipe Fees Help Offset Rising Costs of Goods?
According to a survey by the Merchants Payments Coalition, the vast majority of consumers favor lower credit card “swipe” fees, and those surveyed believe two-to-one that the Credit Card Competition Act would achieve that goal. “Consumers are tired of paying higher prices because of soaring swipe fees that transfer billions of dollars from Main Street to Wall Street each year,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. “These survey results show Americans want Congress to fix the broken U.S. payments system and that they aren’t falling for banks’ propaganda about why that can’t be done.”
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Punchbowl News: Credit Card Wars
The Merchants Payments Coalition published new polling today that found 71% of consumers prefer lower swipe fees. The group said the survey also showed that respondents believe by a two-to-one margin that the Credit Card Competition Act would help lower these fees.
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Hardware Building Supply Dealer: Swipe fee survey says: Lower the fees, please
The vast majority of consumers favor lower credit card swipe fees, and those surveyed believe two-to-one that the Credit Card Competition Act would achieve that goal, according to new data from the Merchants Payments Coalition. “Consumers are tired of paying higher prices because of soaring swipe fees that transfer billions of dollars from Main Street to Wall Street each year,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. “These survey results show Americans want Congress to fix the broken U.S. payments system and that they aren’t falling for banks’ propaganda about why that can’t be done.”
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Northern Kentucky Tribune: Back-to-school shopping season kicks off early as families seek savings amid economic uncertainty
A recent report by the Merchants Payments Coalition found that these “swipe” fees will drive up the price of school/college shopping by a total of $3 billion in 2025, costing the average family an additional $20 to $30. Retailers are currently partnering with this group to ask Congress to pass the Credit Card Competition Act (CCCA), which would increase competition in the credit card processing market to lower transaction fees — benefiting both merchants and consumers.
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Spectrum News: Kentucky back-to-school shopping forecast
A report by the Merchants Payments Coalition found that “swipe” fees will drive up the price of school shopping by $3 billion in 2025, costing the average family an additional $20 to $30.
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WBKO-TV: Kentucky families start back-to-school shopping season early
A report by the Merchants Payments Coalition found that these “swipe” fees will drive up the price of school/college shopping by a total of $3 billion in 2025, costing the average family an additional $20 to $30.
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Lehigh Acres Citizen
According to the Merchants Payments Coalition, swipe fees are often the second or third highest cost for small businesses, right behind payroll and rent. And unlike other business expenses that can be managed or reduced through cost-cutting measures, these fees are a fixed, unavoidable cost.
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Bloomberg: Credit Card Fee Fight
The Merchants Payments Coalition disclosed a total of $120,000 on federal lobbying through the firm Nickles Group. But Doug Kantor, an executive committee member of the Merchants Payments Coalition, said that side’s lobbying is reflected in disclosures from an array of trade associations including his, the National Association of Convenience Stores, the National Federation of Independent Business, and other retail groups. ...The credit card side was successful in keeping the legislation off a cryptocurrency measure that was enacted this month. Lobbyists on both sides say the fight will continue, however. “It’s very clear, from our perspective, that as soon as there is an opportunity for a vote on the bill that we will win that vote,” Kantor said.
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Mass Market Retailers: Credit card ‘Swipe’ fees cost the average family $1,200 each year
“Swipe” fees banks charge merchants to process credit card transactions will drive up the price of school and college supplies by $3 billion this year and cost the average family between $20 and $30, the Merchants Payments Coalition reported Monday. “With swipe fees constantly rising, this hidden tax takes more out of families’ school supply budgets every year,” MPC member and National Association of College Stores Vice President of Government Affairs Richard Hershman said. “This is money that could go to children’s educations or helping families make ends meet, but it lines the pockets of credit card company executives and Wall Street bankers instead. Credit card companies get away with this because of lack of competition. Congress needs to stand up for families and their children by passing the Credit Card Competition Act.”
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Dead Pixels Society: Credit card ‘swipe’ fees account for $3 billion of back-to-school costs this year
“Swipe” fees banks charge merchants to process credit card transactions will drive up the price of school and college supplies by $3 billion this year and cost the average family between $20 and $30, said the Merchants Payments Coalition. “With swipe fees constantly rising, this hidden tax takes more out of families’ school supply budgets every year,” MPC member and National Association of College Stores Vice President of Government Affairs Richard Hershman said. “This is money that could go to children’s educations or helping families make ends meet, but it lines the pockets of credit card company executives and Wall Street bankers instead. Credit card companies get away with this because of a lack of competition. Congress needs to stand up for families and their children by passing the Credit Card Competition Act.”
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