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Small Merchants Want Card Choice, Not Price Caps
Monday, April 10, 2017 6:35 AM

Javelin Strategy & Research and the Electronic Payments Coalition (EPC) released a report Thursday that reveals small merchants are more concerned with value, and less concerned about price, when it comes to the fees they pay for debit card transactions.

An EPC release says, “Overwhelmingly, small merchants said they were satisfied with the ‘overall low cost’ of their fees, as well as the transparency and value they get from their partners in the interchange system. Merchants also said that they chose those partners for reasons other than price.”

CUNA’s Campaign for Common-Sense Regulations activates the credit union industry—CUNA, leagues, credit unions, and their members—to target and reduce excessive regulations promulgated by regulators in Washington that harm credit unions’ ability to fully serve members.

CUNA seeks an end to the Durbin Amendment, which requires the Federal Reserve to limit fees charged to retailers for debit card processing. That law has led to a $1.1 billion drop in funds available to provide needed loans, services, and better rates to consumers.

Molly Wilkinson, executive director of the Electronic Payments Coalition (EPC), said of the newly released study, “Over and over we’ve seen that the Durbin amendment benefited the largest retailers while Main Street lost. These price controls have unfairly burdened consumers, community financial institutions, and small businesses. By restoring the free market, small merchants will have greater flexibility to find the debit card plan that works for them and their customers.”

Source: CUNA News Now

View the full study.