Payments News

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Big Banks on Defense After Fed Sides With Retailers on Debit Swipe Fees

“For nearly a decade, the Federal Reserve avoided choosing sides in the protracted, high-stakes dispute between banks and retailers over debit card fees. But after the Fed last week embraced one of the main arguments made by merchants, many observers believe that more bad news is coming for large and midsize banks. The Fed is […]
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Interchange Adjustments Will Add a Net $889 Million to Merchants’ Costs, an Analysis Says

“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 […]
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Industry

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 […]
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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 […]

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