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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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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Progressive Grocer: Credit Card ‘Swipe’ Fees Account for $3B of Back-to-School Costs This Year
“Swipe” fees that 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, according to the Merchants Payments Coalition.
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Digital Transactions: Congress Passes The GENIUS Act Without a CCCA Amendment
The Merchants Payment Coalition, which backs the CCCA and supported attaching it to the GENIUS Act, says the merchant community will continue to push for the bill’s passage. One reason is that banks are showing signs of wanting to dominate the stablecoin market, especially when it comes to using the digital currency to enable consumer payments, merchant groups contend. The CCCA seeks to moderate interchange costs for merchants by requiring a wider choice of networks for transaction processing. “We’re seeing the card companies trying to dominate stablecoins and create the same duopoly they have in cards,” says Doug Kantor, an MPC executive committee member and general counsel for the National Association of Convenience Stores. “We are glad the GENIUS Act passed and we think stablecoin technology will help merchants, but the bill does not address the issues [around merchant acceptance]. There is still work to be done in this area.”
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