On The Web
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“With the two big payment networks set to raise by hundreds of millions of dollars the cost U.S. merchants pay for card acceptance, e-commerce merchants could see fee boosts while some segments—like travel-and-entertainment and low-ticket-value, quick-service merchants—could see some reductions. In total, rate tweaks scheduled by Visa Inc. and Mastercard Inc. for next month will […]
Covid-19 Shopping Makes Card Fees a Bigger Burden for Merchants
“Visa Inc. and Mastercard Inc. are planning to raise swipe fees for some types of credit-card purchases in April, adding to the squeeze felt by restaurants, retailers and other merchants already struggling through the Covid-19 pandemic. What’s more, customers’ switch to online shopping during the pandemic—a trend heralded for keeping businesses afloat when people are […]
With a Federal Lawsuit, Intuit Challenges the Card Networks’ Interchange Regime
“Lawsuits brought by merchants against Visa Inc. and Mastercard Inc. have become almost routine for the two network giants, but now they face an unusual action—a suit from Intuit Inc., which is not only a card-accepting merchant but also an independent sales organization and payment facilitator. Filed Feb. 19 in U.S. District Court for the […]
Independent Grocers Ask Feds to Rein in E-commerce Credit Card Fees As Online Orders Explode
“A group of independent grocers is pushing the federal government to rein in credit-card companies charging high fees for online purchases, as web orders for groceries surge during the pandemic. The Canadian Federation of Independent Grocers (CFIG) on Monday sent a letter asking Ottawa to revisit its 2018 agreement with Visa and Mastercard that put […]
Mastercard, Visa Finalize EU Card Probe by Agreeing to Cut Fee
“The European Commission makes legally binding Mastercard’s and Visa’s commitment to reduce “multilateral interchange fees”, or fees charged to retailers when foreigners use their credit or debit cards in EU region. The commitments, which will cut the inter-regional MIFs by on average 40%, “will significantly reduce the costs for retailers in the EEA when they […]
Shoppers Love Rewards Credit Cards. Retailers Hate Them.
“Large merchants including Amazon.com Inc., Target Corp. and Home Depot Inc.are pushing for the right to reject some rewards credit cards, which typically carry higher fees for merchants.”
Retailers continue fight against Visa and Mastercard even after record $6.2 billion settlement
“But the retailers are now gearing up for the next round in their fight with the payment networks. The settlement addressed only monetary damages associated with the lawsuit. There’s a separate class of merchants fighting for changes to Visa and Mastercard’s business practices.”
Credit Card Interchange Settlement Once Again Divides Merchants
“Déjà vu, anyone? Similar to its now-moot predecessor agreement from 2012, the proposed $6.24 billion monetary-damages settlement in a big credit card interchange antitrust case announced Tuesday by Visa Inc. and Mastercard Inc. is drawing diverging reviews from merchants. Based on anecdotal comments and the history of the earlier settlement, small, independent businesses, which in 2005 filed the […]
Dual-Message Interchange for Regulated Debit Card Issuers Declined in 2017, the Fed Reports
“Interchange on debit card transactions has changed relatively little in the nearly seven years since the Durbin Amendment to the 2010 Dodd-Frank Act took effect, but a Federal Reserve report notes one small but interesting recent change. The average interchange fee in 2017 for dual-message transactions on debit cards regulated by the amendment declined slightly […]