Montana convenience stores speak out on the efforts of a state senator. Montana c-store operators target U.S. Sen. Jon Tester, D-Mont., in a newspaper and TV ad, denouncing him for his 2011 effort to stall new limits on debit card “swipe fees” charged by banks, the Missoulian reported. The ads launched last weekend, claiming that [...]
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 [...]
Now that retailers have reached PCI DSS 2.0 compliance, it’s important to continue monitoring people, processes and technology to protect against breaches. By Erin Rigik, Associate Editor. If your chain is among those who diligently worked to achieve PCI DSS 2.0 compliance by the Jan. 1, 2012 deadline, you probably think your stores are safe [...]
Retailers may have won the right to debit fee caps for now, but banks are raising fees and pointing the finger at merchants, while some lawmakers look to repeal the interchange caps. By Erin Rigik, Associate Editor. The long awaited Durbin Amendment went into effect on Oct. 1, capping interchange fees well above the 7-12 [...]
After its competitors dropped their planned fees, and faced with public backlash, BOA cuts plans for a new debit fee. Bank of America Corp. (BOA), which announced plans for a $5 monthly debit card fee in late September, has abandoned the idea following nationwide backlash from consumers and lawmakers, Bloomberg reported. The bank fee would [...]
Heartland Payment Systems releases latest data about Durbin Amendment’s actual effects on business owners. A grand total of $11,720,068 in signature debit interchange reductions have been deposited into merchant bank accounts by Heartland Payment Systems, one of the nation’s largest payments processors. Of these Durbin Dollars, restaurant merchants received $4,042,859 and lodging merchants received $513,852. [...]
Heartland Payment Systems shows average savings per merchant in states across the U.S. following Durbin. Heartland Payment Systems, a national payments processor, has released the first state-specific data about the Durbin Amendment’s actual impact on business owners in specific states. The data was gathered between Oct. 1-16, 2011, from across Heartland’s 250,000 merchant locations. The [...]
After Durbin Amendment, banks begin charging customers monthly fees. Banks are fighting back as the Durbin Amendment is set to go into effect Oct. 1. The Federal Reserve Board in June ruled that per the Durbin Amendment debit swipe fees would be capped at 21 cents per transaction—down from 44 cents. But now banks are [...]
In the wake of the Durbin Amendment, merchants to face new fees from Visa, as the credit card company lowers transaction rate. Visa Chief Executive Joseph Saunders, in a conference call with analysts, said the payment processor would introduce a network participation fee in the U.S. for all of its debit, credit and prepaid card [...]
NACS calls Fed’s final rule “an irresponsible abdication of its legal duty.” The U.S. Federal Reserve’s final rules on debit card swipe fees “is an irresponsible abdication of its legal duty to implement the law as written,” said National Association of Convenience Stores (NACS) Senior Vice President of Government Relations Lyle Beckwith. The final rules [...]
The Senate’s rejection of an amendment offered by Senators Jon Tester (D-MT) and Bob Corker (R-TN) demonstrates the power of consumer and retail industry advocacy efforts and is a major victory for the convenience and fuel retailing industry, said NACS Chairman Jeff Miller. The Tester-Corker amendment needed 60 votes for passage in the Senate, however [...]
It’s a huge victory for convenience store retailers and merchants across the U.S. today, as the Senate rejected an amendment offered by Senators Jon Tester (D-MT) and Bob Corker (R-TN) to delay swipe fee reform. The vote was 54-45 in favor of the Tester-Corker amendment, six short of the 60 needed to delay swipe fee [...]
NACS is urging retailers to call their Senators in one final push before the 2p.m. EST vote. Today, June 8, at 2 p.m. EST, the Senate is set to vote on an amendment by Senator Jon Tester (D-MT), which seeks to delay and effectively kill swipe fee reform. The debate ( happening now) and the [...]
By: John Lofstock, Editor. After a years-long struggle to get some much-needed relief from the high interchange fees that are eroding the industry’s profitability, convenience store operators are in danger of seeing the victory slip between their hands. The Durbin amendment to the Dodd-Frank Consumer Financial Protection Act, which is set to be finalized April [...]
Retailers ask Congress to stand by small business, uphold swipe fee reform. On March 30, 7-Eleven franchisees from across Maryland and Virginia met with Senators, Congressmen and staff to ask them to protect and implement the critical swipe fee reforms that were passed by Congress and signed into law by the president last year. Sen. [...]