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Swipe Reform Saving Up to $18 Million A Day

“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

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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

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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

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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

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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

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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

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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

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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

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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

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Visa Raises “No Signature” Limit to $50, Enhances Merchant Fraud Protection

Visa Inc. said it plans to raise its Visa Easy Payment Service “no signature required” limit from $25 to $50 for two key U.S. merchant categories. Starting in October 2012, discount stores and grocery stores/supermarkets in the U.S. can accept Visa cards for transactions up to $50 without requiring a cardholder signature or PIN, or

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Service to the Fleet

With fuel costs again on the rise, a fleet card network can attract new business while offering fleet managers the safety, security and reporting tools they need to be successful. By Howard Riell, Associate Editor. Fleet cards are a nice piece of business for c-store operators. But the key to keeping that business growing is

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Study by NACS Points To Hidden Card Fees

Study shows as gas prices increased 80% between 2004 and 2011, card fees grew 180%. A new study by the National Association of Convenience Stores (NACS) called “Hidden Bank Fees Siphon Money from Customers and Merchants at the Pump,” shows drivers are paying 6-10 cents a gallon in hidden bank fees every time they purchase

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Will EMV be DOA?

Visa is encouraging retailers to move toward the EMV technology seen in Europe, but some argue by the time it’s implemented in the U.S., the technology will be outdated. By Erin Rigik, Associate Editor. Visa this fall announced plans to speed up the migration to contact chip and contactless EMV chip credit card technology in

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Shop Around The Clock

7-Eleven has an array of gifts for last minute shoppers this holiday season. With retailers opening their stores even earlier for Black Friday door-buster sales, shoppers started the hunt for December holiday deals as early as Thanksgiving evening, jockeying for flat-screen TVs and fighting over waffle irons. But shopping in the middle of the night

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Breaking News: Lawsuit Filed Over Fed’s Swipe Fee Ruling

“The Federal Reserve missed an opportunity to give consumers the relief that they deserve and this needs to be corrected,” says NACS president and CEO Hank Armour. Flawed debit card swipe fee reform regulations issued by the Federal Reserve have allowed big banks to continue charging unjustifiably high swipe fees and discouraged price competition among

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Preparing for Future Payment Systems

First it was PCI, now retailers have to prepare for the widespread launch of Near Field Communications, which is expected to become a widely used system for making payments by smartphone in the U.S. By Howard Riell, Associate Editor. The convenience store industry is increasingly turnings its gaze outdoors to the forecourt, not only for

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Heartland Releases State-Specific Durbin Statistics

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

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ATM Council Files Antitrust Lawsuit

Visa and MasterCard to face litigation on antitrust charges. The National ATM Council, a group representing operators of automated teller machines (ATMs), filed a lawsuit against Visa and MasterCard accusing the credit and debit card issuers of violating antitrust laws by fixing the price of ATM access fees, the Huffington Post reported. The lawsuit was

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Stacking the Cards In Your Favor

General purpose prepaid debit cards are rapidly gaining favor with consumers as an alternative to closed-loop gift cards. By John Lofstock, Editor. Sales of open-loop prepaid cards, issued by banks and credit card companies and able to be used at multiple establishments, are only going to go up as more consumers come to appreciate their

Is Big Oil Losing its Drawing Power?

For many, many years the power of the Big Oil brands was indisputable. They owned the refineries, the stations and the credit card networks to boot. While my father was an Exxon dealer and jobber for more than 30 years I distinctly remember seeing Shell and Texaco credit cards lying around the house. In those

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Visa To Introduce New Fees

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

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NACS Responds As Debit Card Reform Passes Final Barrier

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

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Swipe Fee Reform Safe

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

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Swipe Fee Vote Pending Today

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

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Swipe Fee Fight Returns To Capital Hill

“We’re not looking for a free ride. What we’re looking for is fair and reasonable,” notes 7-Eleven Franchisee Dennis Lane. Thursday, Feb. 17, marks the eighth public hearing on debit and credit card swipe fees. The hearing, scheduled for 10 a.m. is set to be held in the House Subcommittee on Financial Institutions and Consumer

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