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Top related persons:
Doug Kantor - 2 Banks - 1 Matt Schulz - 1 JPMorgan Chase - 1 Mark Elliot - 1 Mark Mason - 1 Rich Fairbank - 1 We've - 1
Top related locs:
Tiskilwa , Illinois U.S Washington Shopify Target America
Top related orgs:
Mastercard - 2 Visa - 2 Electronic Payments Coalition - 2 Merchants Payments Coalition - 2 Consumer Financial - 1 Bank Policy Institute - 1 UBS - 1 JPMorgan - 1

Search resuls for: "Electronic Payments Coalition"


4 mentions found


☆ Credit Card Companies Are About to Invent New Fees for Consumers
  + stars: | 2024-04-07 | by ( Emily Stewart | ) www.businessinsider.com   time to read: +8 min
Some of those annoying fees on your credit card may soon be getting smaller. Banks and credit-card companies are almost certainly trying to figure out where else they squeeze money out of you. The response to the interchange-fee settlement has been a bit more muted: The Electronic Payments Coalition, which represents Visa, Mastercard, and other credit-card companies, said it was OK with the swipe-fees cap. Taken together, it's clear that many companies in the credit-card business would rather not be dealing with this situation. According to the Merchants Payments Coalition, Mastercard is now planning to increase different credit card fees soon, it's "network assessment" fee.
Persons: Banks, Matt Schulz, JPMorgan Chase, Mark Elliot, Doug Kantor, Mark Mason, Rich Fairbank, We've, it's, Ira Rheingold, Amanda Jackson, Emily Stewart Organizations: Consumer Financial, Mastercard, Visa, Bank Policy Institute, Electronic Payments Coalition, UBS, JPMorgan, American Express, National Association of Convenience Stores, Merchants Payments Coalition, Capital, JPMorgan Chase, National Association of Consumer, Companies, Financial Reform, Business
☆ The fight over a bill targeting credit card fees pits payment companies against retailers
  + stars: | 2023-07-30 | by ( Cait Freda Kristina Partsinevelos | Cait Freda | In Caitfreda | ) www.cnbc.com   time to read: +5 min
The Credit Card Competition Act was reintroduced last month in both the House and the Senate, after not being brought up for a vote in either chamber during the previous Congress. Retailers in support of the legislation argue credit card processing costs are hurting consumers by driving up the cost of business, and, in turn, the price shoppers pay at checkout. On the other side of the fight, major credit card processing networks like Visa , Mastercard , Discover and Capital One say the bill will actually hurt consumers by diminishing popular credit card rewards programs and lessening fraud protections. Visa and Mastercard account for 80% of all credit card volume, according to data from the Nilson Report, a publication tracking the global payment industry. On average, U.S. credit card swipe fees account for 2.24% of a transaction, according to the Merchants Payments Coalition.
Persons: Doug Kantor, Sen, Dick Durbin, He's, Nilson, Durbin, Harley Finkelstein, Finkelstein Organizations: Visa Inc, Mastercard Inc, Visa, Mastercard, Kroger, Walmart, Discover, Merchants Payments Coalition, CNBC, Main, Electronic Payments Coalition Locations: Tiskilwa , Illinois, U.S, Washington, Shopify, Target, America
☆ How small businesses are fighting inflated credit card swipe fees
  + stars: | 2023-02-09 | by ( Kristina Partsinevelos Cait Freda | Kristina Partsinevelos | Cait Freda | ) www.cnbc.com   time to read: +5 min
"We have a nice little sign in front of our register that says 'Hey, credit card fees, they cost us a lot of money,'" Victor Garcia, longtime owner of Sol Dias, told CNBC. CNBC | Cait FredaThe swipe fees aren't new, but the worsening problem comes at a time when Main Street businesses across the country are increasingly struggling with changing macroeconomic conditions. Although the central bank does not conduct the same survey for credit card transactions, the processes used for debit and credit cards are similar. Meanwhile, credit card fees amount to the third-highest operating expense on average for restaurants, according to the Texas Restaurant Association. The European Union cracked down on similar increases, capping fees in 2015 at 0.2% for debit card purchases and 0.3% for credit card purchases.
☆ Walmart and Target push to lower credit card fees
  + stars: | 2022-09-20 | by ( Nathaniel Meyersohn | Cnn Business | ) edition.cnn.com   time to read: +3 min
A pair of bipartisan bills in Congress aim to lower the swipe fees, also known as interchange fees, that retailers pay every time a customer makes a purchase with their card. Visa V Mastercard MA anddominate more than 80% of the US credit card market. Proponents of these bills say they would generate more competition in the credit card network market and break Visa and Mastercard's hold over the industry. "Credit card swipe fees inflate the prices that consumers pay for groceries and gas," Durbin said in July. "Bringing real competition to credit card networks will help reduce swipe fees and hold down costs for Main Street merchants and their customers."
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