Motley Fool: Visa and Mastercard Dispute Reports About Fee Hikes; Here's What Investors Need to Know
According to (MPC Executive Committee member) Doug Kantor, chief counsel at the National Association of Convenience Stores, the bill could potentially reduce swipe fees for merchants by $11 billion or more annually.
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Digital Transactions: Who Will Route Transactions?
“The skittishness on the debit networks’ part isn’t over business concerns, it is over political concerns,” says Doug Kantor, an executive committee member of the Merchants Payments Coalition and general counsel for the National Association of Convenience Stores. “The debit networks have the capacity to fill this role,” he adds. “especially since credit card volume will not all flow through one alternative network and the decision on which alternative networks to support will be made on a bank-by-bank basis should the CCCA pass. But the banking industry has worked itself into a frenzy over this issue.”
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Retail Brew: Visa and Mastercard Will Bump Up Credit Card Transaction Fees
“It’s just a bad combination and bad timing for any of these fee increases to happen,” (MPC Executive Committee member) Doug Kantor, general counsel of the National Association of Convenience Stores, told the WSJ, explaining that many businesses are still in a tough position because of the pandemic.
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NACS Daily: Visa and Mastercard to Increase Swipe Fees
NACS and the Merchants Payments Coalition fully support the bipartisan Credit Card Competition Act.
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CSP Daily News: Visa, Mastercard Set to Raise Swipe Fees
The bipartisan Credit Card Competition Act of 2023, designed to provide merchants relief from swipe fees, was reintroduced in Congress in June and has the support of the NACS, the Merchants Payment Coalition, the National Retail Federation and other business groups.
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Winsight Grocery Business: FMI, NRF and Others Push Back on Reports of Rising Credit Card Fees
News on Wednesday that Visa and Mastercard are planning to raise credit-card network and interchange fees is “another finger in the eye in this economic climate” to the grocery industry and other retailers, FMI – The Food Industry Association Chief Public Policy Officer (and MPC Executive Committee member) Jennifer Hatcher said.
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Payments Dive: Visa, Mastercard Eye Price Increase
The legislation, sponsored by a bipartisan group of lawmakers, has unleashed a battle among special interests in Washington. While merchant trade groups, such as the National Retail Federation and Merchants Payments Coalition, are backing the bill, those that represent the banks and card companies, including the Electronic Payments Coalition, are opposing it.
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Wall Street Journal: Visa, Mastercard Prepare to Raise Credit Card Fees
Doug Kantor, general counsel of the National Association of Convenience Stores (and MPC Executive Committee member), said that many businesses are already being hurt by inflation and high interest rates, or still recovering from the pandemic. “It’s just a bad combination and bad timing for any of these fee increases to happen,” Kantor said.
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Verify: No, Congress is Not Considering a Law That Would Ban Credit Card Rewards
The Merchants Payments Coalition argues that banks would still have plenty of profits left over from fees to pay for rewards programs, which it calls marketing tools to convince consumers to choose a credit card from one bank rather than another.
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Kiplinger: New Jersey Limits Credit Card Swipe Fees on Shoppers
Swipe fees have been a hot-button issue on and off Capitol Hill, pitting Visa and Mastercard — which dominate the credit card processing market with a combined 80% market share — against Amazon and other retailers represented by the Merchant Payments Coalition, as Kiplinger previously reported.
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