On The Web

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Use

Interchange Adjustments Will Add a Net $889 Million to Merchants’ Costs, an Analysis Says

March 2 2021

• in
• Interchange

“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

February 24 2021

• in
• Interchange

“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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Regulation

With a Federal Lawsuit, Intuit Challenges the Card Networks’ Interchange Regime

February 23 2021

• in
• Interchange

“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 […]

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Use

Independent Grocers Ask Feds to Rein in E-commerce Credit Card Fees As Online Orders Explode

February 3 2021

• in
• Interchange

“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 […]

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Use

Mastercard, Visa Finalize EU Card Probe by Agreeing to Cut Fee

April 29 2019

• in
• Interchange

“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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Providers

Shoppers Love Rewards Credit Cards. Retailers Hate Them.

September 25 2018

• in
• Interchange
• Litigation
• Merchants
• Networks

“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.”

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Use

Retailers continue fight against Visa and Mastercard even after record $6.2 billion settlement

September 24 2018

• in
• Interchange

“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.”

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Use

Credit Card Interchange Settlement Once Again Divides Merchants

September 19 2018

• in
• Interchange

“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 […]

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Use

Dual-Message Interchange for Regulated Debit Card Issuers Declined in 2017, the Fed Reports

August 20 2018

• in
• Interchange

“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 […]