Today marks the Durbin Amendment’s one-year anniversary, and that is leading various merchant groups to express their overall disapproval of fees in the aftermath of debit card interchange reform.
There appears to be little common ground between merchants and the networks when it comes to swipe fees, which echos the arguments between Democrats and Republicans anytime the subject of taxes arise. With the credit card interchange fee settlement on the horizon, which could effectively end any further realistic changes to existing network practices in the United States, merchants may be better served by turning their attention to making an end run around the problem and create their own payments network.
From a Politico article:
Congress took a good first step when it passed debit card swipe reform. Now it’s time to turn to the credit cards and new electronic payment platforms. A transparent credit card swipe fee system with reasonable and predictable fees based on free market competition is critical to the well-being of U.S. small businesses.
Click here to read more from Politico.