NATSO Statement on Swipe Fee Settlement

NATSO President and CEO Lisa Mullings on Sept. 18 issued the following statement on the Visa, Mastercard Swipe Fee Settlement:

“NATSO is thoroughly reviewing the Payment Card Interchange Fee and Merchant Discount Antitrust Litigation document, but an initial review indicates that it does nothing to address the problems that merchants and their customers have with swipe fees.

For the past six years, merchants have continued to pay tens of billions of dollars in fees to credit card companies yet today find themselves without real reform to the credit card payment system.

This deal does not resolve merchants’ concerns about the ability of credit card companies to set inflated fees for all merchants accepting credit and debit card payments nor does it deal with the card company rules that prevent any type of competitive market from taking shape.

It’s disappointing that in the six years since merchants rejected the last settlement offer that we find ourselves asked to consider another proposal that does not address our core concerns.

The fact that merchants need effective, long-term relief from the crushing fees imposed by credit card companies has not changed.”