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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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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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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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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CNN via WUSA-TV: Hidden fees in your credit card could cost you $1200 per year
Credit card companies make billions of dollars a year charging these fees. Last year, U.S. businesses paid nearly $200 billion in credit and debit card fees. And merchants are often forces to pass that cost on to consumers, according to the Merchants Payments Coalition.
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Harrisburg Patriot-News: Visa, Mastercard make bank on swipe fees, report claims
Both Visa and Mastercard have recently reported huge earnings -- something the Merchants Payments Coalition (MPC) is attributing to skyrocketing swipe fees.
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Visa and Mastercard Follow Megabanks in Reporting Huge Profits Fueled by Soaring Credit Card Swipe Fees
The nation’s two largest credit card networks reported mammoth profits this week even as many small businesses and consumers continue to struggle with affordability, MPC said.
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