“Retailers know that if they don’t pass along the savings the store across the street will,” says NRF president. With the first anniversary of debit card swipe fee reform approaching next week, U.S. retailers and their customers are benefiting from savings of up to $18 million a day that previously went to card companies and…
Merchants Urge Congress To Reject Visa, MasterCard Claims
Merchant organizations assert the proposed settlement “is one-sided and preserves the very anti-competitive actions that were the genesis of the lawsuits.” In a letter sent to House and Senate leaders on Sept. 20, a group of associations representing merchants of all sizes across all segments of the merchant community highlighted the reasons behind the growing…
NRF To Fight Swipe Fee Settlement
“The proposal is a lose-lose-lose for merchants, consumers and competition,” says NRF CEO. The National Retail Federation’s Board of Directors has authorized the Federation to go to court to block the proposed $7.25 billion settlement of a federal antitrust lawsuit over skyrocketing Visa and MasterCard credit card swipe fees that cost consumers hundreds of dollars…
Credit Card Security And PCI: Where Do We Go From Here?
When it comes to data security, all retailers need to be prepared for the worst scenario, but that can’t happen if they aren’t aware of PCI requirements and the severe consequences that can result from a data breach. By John Lofstock, Editor When security breaches make the news, the typical victims are retailing giants, such…
Cumberland Gulf Group Opposes Settlement With Visa And MasterCard
“We support bringing real competition and transparency to the credit card market, and this proposed settlement clearly fails to meet this objective,” says Ari Haseotes, president and chief operating officer of Cumberland Farms Inc. The Cumberland Gulf Group opposed the proposed settlement of longstanding antitrust litigation between retailers and the credit card industry. The proposed…
NACS Refuses To Accept Proposed Antitrust Settlement With Visa And MasterCard
“NACS does not accept this proposed settlement, and we reserve the right to fight it if other class representatives do accept it,” says Henry Armour, NACS president and CEO, on the proposed settlements between merchants and credit card companies. NACS rejected the proposed settlement of antitrust litigation between merchants and the credit card industry. NACS…
Could Real Swipe Fee Relief Be On the Way?
Some speculate Visa and MasterCard could settle lawsuit before September Court date. Visa Inc. and MasterCard Inc. are reportedly prepared to settle a seven-year lawsuit brought by retailers, regarding swipe fee costs, sometime late this month—even as soon as next week, Bloomberg reported. The deal may include payments to retailers and a temporary cut in…
American Express Announces EMV Plans
First compliance deadline set for April 2013. American Express issuer is joining MasterCard, Visa and Discover in integrating EMV chip-based contact, contactless and mobile payments for its American Express-branded cards in the U.S., Contactless News Online reported. Merchants, processors and issuers of AmEx cards will need to comply with its requirements and deadlines: • April…
7-Eleven Offers PayPal Prepaid MasterCard
“We are expanding our current offering of alternative financial services because we see an increased demand for this type of product in our stores,” says 7-Eleven spokesperson. As part of its retail expansion plans, NetSpend Holdings Inc., a provider of general-purpose reloadable (GPR) prepaid debit cards and related financial services, announced that the PayPal Prepaid…
USA Today Deflates Banks’ Swipe Fee Myths
Makes strong case for credit-card reform. In a news story today, USA Today exposed some of the myths banks propagate about hidden, exorbitant “swipe” fees the banks charge retailers when customers buy with credit or debit cards, the Merchants Payments Coalition reported. The article also makes a strong case for reforming the way Visa and…