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
“Most enterprising storeowners will apply the swipe fee savings to lowering product costs in an effort to be even more competitive in the marketplace,” notes NCASEF chairman. Bruce Maples, the chairman of the National Coalition of Associations of 7-Eleven Franchisees, in an interview with PYMNTS.com, spoke about the Federal Reserve’s new debit rules and noted
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.
Franchise owners headed to Washington, D.C. over the next 10 weeks to visit members of Congress, and encourage them to support the Federal Reserve’s swipe fee rulemaking process. The National Coalition of Associations of 7-Eleven Franchisees (NCASEF) came out Monday in support of debit card swipe fee reform, calling on Congress and the Federal Reserve
Last night, Wednesday, June 30, the House voted on the financial bill package, passing it by a vote of 237-192, with the swipe fee amendment intact, NACS reported. The bill was not without changes though. Earlier this week the Conference committee working on the financial services overhaul met again to alter aspects of the bill
The National Association of Convenience Stores (NACS) is urging retailers to contact legislators one more time as the financial reform bill, which contains the swipe fee amendment, goes to a vote. Last week, House and Senate financial services reform negotiators agreed to finalize the financial bill with the swipe fee reforms included. Now, both the
The U.S. House of Representatives and Senate negotiators have sided with retailers, reaching an agreement to include swipe fee reform provisions in the final financial services reform bill that is now on its way to Congress for a final vote. The provisions, known as the Durbin Amendment after the author, Senator Richard Durbin (D-IL), is
The U.S. Senate voted to include swipe fee reform in the Restoring American Financial Stability Act of 2010 through an amendment introduced by Sen. Richard Durbin. Specifically, the measure is expected to ensure that debit card transactions are reasonable and proportional to the cost of processing the transaction. “Tonight, the Senate stood up to the