Moneywise: Trump vows to eliminate the 'out of control Swipe Fee ripoff' making credit card companies rich
“This is the second time President Trump has called for credit card swipe fee reform, and his continuing commitment shows that concern over these fees has reached the highest level,” said MPC Executive Committee member Doug Kantor in a statement. “With President Trump and members of Congress from across the political spectrum seeking passage, it’s time to turn this legislation into law.”
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The Center Square: Trump supports, processors oppose Durbin swipe fee bill
Doug Kantor of the Merchants Payment Coalition executive committee said Congress may pass the bill this year with broad bipartisan support. “The fees are up more than 80% just since COVID. That's an increase that local Main Street businesses can't handle, and so it's contributing to inflation and consumers are paying it,” Kantor told The Center Square.
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Merchants Support Durbin’s Call for ‘Crackdown’ on Hidden Credit Card Swipe Fees
MPC backed Senator Dick Durbin’s new call for action on rising credit card swipe fees, which he said are hidden from consumers who ultimately pay higher prices because of them.
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Digital Transactions: In Other News
(Senator Dick) Durbin argued that interchange rates should be disclosed to consumers and that merchants have no choice but to accept the rates. The Merchant Payments Coalition, which represents merchants advocating for lower card processing fees, said the fees are not fair and called for more competition in the payments market.
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Vision Monday: Credit Card Swipe Fees Will Make Back-to-School Shopping More Costly
"With swipe fees rising year after year, this hidden tax undermines affordability and drains money from families that need it." -- Doug Kantor, Merchants Payments Coalition (MPC) executive committee member and National Association of Convenience Stores general counsel, reacting to the MPC report that credit card swipe fees, charged by banks to process card transactions, is expected to drive up the price of school and college supplies by a record-setting $3.4 billion this year.
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Payments Dive: Trump backs card bill, again
The Merchants Payments Coalition, a trade association that seeks to reduce card fees for its members, seized on the social media post to help fuel its battle and thanked Trump for his support. The group also noted that Vice President JD Vance supported the bill when he was in the Senate. “We welcome the president once again backing this landmark bipartisan bill that would help restore affordability to our nation’s economy,” Doug Kantor, an MPC executive committee member and general counsel for the National Association of Convenience Stores, said in a Monday statement. The MPC says that card swipe fees have increased 80% since the COVID-19 pandemic, hitting $198 billion last year. The group estimated that merchants would save $17 billion annually if the law passed, citing research from CMSPI, an Atlanta-based payments consulting firm.
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Fintech Finance News: Merchants Applaud Trump’s Renewed Support for Credit Card Swipe Fee Reform
The Merchants Payments Coalition (MPC) has expressed strong support for President Donald Trump’s endorsement of the Credit Card Competition Act.
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The Green Sheet: Merchants welcome Trump's continued backing of Credit Card Competition Act
“We welcome the president once again backing this landmark bipartisan bill that would help restore affordability to our nation’s economy,” MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said. “This is the second time President Trump has called for credit card swipe fee reform, and his continuing commitment shows that concern over these fees has reached the highest level. With President Trump and members of Congress from across the political spectrum seeking passage, it’s time to turn this legislation into law.”
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Merchants Welcome Trump’s Continued Backing of Credit Card Swipe Fee Legislation
MPC thanked President Donald Trump for reiterating his support for the Credit Card Competition Act.
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Retail Customer Experience: Credit card swipe fees will drive up cost on back-to-school supplies
"With swipe fees rising year after year, this hidden tax undermines affordability and drains money from families that need it," MPC Executive Committee member and National Association of Convenience Stores General Counsel Doug Kantor said in a press release. "A family could buy superhero lunchboxes for two kids or a backpack for their college sophomore with the money credit card companies are swiping from them. Congress should protect families trying to deal with the high cost of putting their children through school by passing the Credit Card Competition Act."
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