Pricing

In reconnecting with the payments industry after my Congressional run, one topic has come up in conversation more than any other: interchange regulations. Specifically, S.1838, the Credit Card Competition Act of 2023 (CCCA), which takes a market-driven approach to driving down interchange fees.  By enabling two credit card networks on …

A bill was introduced late Tuesday in the Illinois House of Representatives seeking to repeal the Interchange Fee Prohibition Act. The legislation, introduced by Rep. Margaret Croke, chairperson of the House Financial Institutions and Licensing Committee, is the latest twist in an ongoing battle over the IFPA, which became law …

The fintech Codego Ltd. has launched its Cryptogateway software, which enables merchants in 33 countries to accept cross-border in-person and e-commerce transactions in cryptocurrency and receive the funds in fiat money in an IBAN account. IBAN accounts are typically used to hold funds arising from cross-border transactions. The new service, which works …

Merchants are increasingly levying surcharges on purchases made with credit cards to help offset processing fees, a new study from J.D. Power finds. Some 34% of merchants surveyed are adding surcharges for credit card transactions, the study says. The study also found that flat-rate pricing lends merchants greater impetus to …

The Maryland legislature held a hearing late Tuesday on a bill prohibiting interchange from being charged on sales tax and gratuities linked to credit and debit card transactions. The bill, introduced by Delegates Todd Morgan and Brian Crosby, is the latest in what is expected to be a flurry of …

Transcore announced it has activated its Infinity tolling technology on the West Virginia Turnpike. The payments platform ePayPolicy announced Quotes and Invoices, a service intended to help insurance companies guide customers from an initial quote to invoice and payment. Payments-software provider Eastnets announced it has achieved compliance with the European Union’s Digital Operational Resilience Act, …

Opponents of the proposed Credit Card Competition Act expect the bill will be reintroduced in Congress, so the Electronic Payments Coalition launched a pre-emptive strike late Wednesday with a report detailing the bill’s potential economic impact. The study, conducted by Oxford Economics Research, claims the CCCA’s impact on the U.S. …

The Merchants Payments Coalition fired back late Monday at a request last week from the American Bankers Association that the Federal Reserve not act on a proposal to lower a longstanding limit on the interchange banks can earn on debit card transactions.  In a letter to the Fed, the MPC …

United States District Court Judge Virginia Kendell granted a preliminary injunction late Friday that provides banks some relief from the pending Illinois Interchange Fee Prohibition Act, but also gives merchants reason to cheer. Kendell, who is overseeing a lawsuit filed against the IIFPA, ruled the injunction applies only to financial …

Consumers may not be racking up more revolving credit card debt than they did in 2023, but their ability to pay their bills on time is coming under pressure, according to a report released early Thursday by J.D. Power. Consumers say they are having a harder time paying their bills, …