Thursday , June 20, 2024

Search Results for: durbin amendment

Visa’s CEO Delicately Fields Questions About the Company’s Merchant Relations

Visa Inc.’s top brass, during the company’s quarterly earnings conference call Tuesday afternoon, preferred to talk about fast-growing newer lines of business such as value-added services and transaction sources apart from traditional plastic credit and debit cards. But stock analysts on the call had questions about some sensitive merchant-relations issues, …

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Merchants Will Reap $15 Billion From the CCCA, Says One Researcher

As proponents and adversaries wrangle over the newly resurrected Credit Card Competition Act, a market-research firm has raised by more than one-third its estimate of how much the bill could save U.S. merchants. A year ago, the firm, Atlanta-based CMS Payments Intelligence Inc., calculated the bill would result in $11 …

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Fed Routing Rule Takes Effect Saturday And Other Digital Transactions News briefs from 6/30/23

On Saturday, a final rule issued in October by the Federal Reserve goes into effect, requiring that all issuers offer a choice of at least two networks for routing online debit card transactions. The update, derived from the 2010 Durbin Amendment, has been a bone of contention for years between merchants and issuers. …

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Estimated Merchant Savings from CCCA? $15 Billion Annually, Says One Researcher

As proponents and adversaries wrangle over the newly resurrected Credit Card Competition Act, a market-research firm has raised by more than one-third its estimate of how much the bill could save U.S. merchants. A year ago, the firm, Atlanta-based CMS Payments Intelligence Inc., calculated the bill would result in $11 …

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Lower Interchange Deal Struck in Canada

Small businesses in Canada will reap lower interchange rates in that country, the Department of Finance Canada announced Thursday. The deal suggests a similar reduction is possible in the United States, the Merchant Payments Coalition quickly responded. Both Mastercard Inc. and Visa Inc. agreed to lower the domestic consumer credit …

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Will Visa’s 3% Surcharge Cap Boost Cash Discounts?

On April 15, Visa Inc. lowered the amount a merchant can surcharge for transactions on its credit cards from a maximum of 4% to 3%, a move it had announced early this year. Merchants that want to surcharge will have no option but to comply with the 3% cap, says …

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Will Visa’s 3% Surcharge Cap, Set for April 15, Push Merchants to Cash Discounts?

Visa Inc. is poised to lower on Saturday the amount a merchant can surcharge for transactions on its credit cards from a maximum of 4% to 3%, a move it announced early this year. Some observers acknowledge the reduction will happen, though Visa Inc. has not responded to Digital Transactions …

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Observers Split on Banking Groups’ Effort to Get the Fed to Extend Time for Debit Compliance

Industry opinions are mixed regarding a move by banking trade groups to plead for more time to act on a ruling issued in October by the Federal Reserve. The ruling orders all banks to comply by July 1 with an 11-year-old requirement that merchants have a choice of at least …

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The Potential to Choose Foreign Networks Worries Backers of Credit Card Choice

A bill designed to allow merchants to have a choice of networks for routing credit card transactions failed to pass last year, but now international tensions could affect the proposed law’s prospects in the new Congress. The bill, called the Credit Card Competition Act, would mandate that merchants have a …

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How to Restore Payments Competition

History has shown the two global card networks will never introduce real competition on their own. Time for regulators to intervene. The Fed and the FTC have made a start. The recent clarification by the Federal Reserve confirming that a more than 10-year-old law applies to online debit cards—coupled with …

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