“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…
Montana C-Store Owners Denounce State Senator
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…
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…
Thorntons Joins Growing Ranks of C-Store Chains to Oppose the Proposed Visa, MasterCard Settlement
Thorntons Inc. today joined the growing list of convenience store retailers to blast the proposed settlement of longstanding antitrust litigation between retailers and the credit card industry. In a statement to the media, the Louisville, Ky. chain said, “The proposed settlement, announced on July 13th, does not make meaningful changes to the broken credit card…
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…
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…
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…
Robinson Takes the Helm at NACS
Incoming chairman promotes advocacy as he prepares to battle swipe fees, fuel standards and tobacco regulations in the year ahead. By John Lofstock, Editor. Renowned author and business strategist Tom Peter once said, “Leaders don’t create followers, they create more leaders.” When it comes to the challenges facing the convenience store and petroleum industry over…
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…
Merchants Get More Than $10 Million Thanks To Durbin
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.…