I was able to catch up with NRF’s Senior Vice President and General Counsel Mallory Duncan about his recent testimony before the House Financial Services Committee.
Mallory explains how the credit card industry is in an arms race to raise “swipe” fees. During the interview Mallory breaks down the issue of “swipe” fees and explains that this has become a tremendous issue for consumers and retailers, going from a cost of $16 billion to $48 billion in just a few short years.
Check out the interview.
One Comment
I was extremely pleased to see that the credit card companies are finally being taken to task regarding processing fees. I have been in retail for 31 years and though I have asked many times no one has ever been able to give me an answer to one question. When I enter a transaction I can only enter the gross which includes sales tax. The processor collects their fee on this amount. In other words I am paying a fee to the credit card company on tax I collect for the state of new york. This to me seems like an outrageous windfall to the credit card companies and yet another loss for the retailer. How difficult would it be to enter the net and the sales tax separately so the credit card processing fee is only computed on the net. I have always been amazed that no one has ever questioned this system. I hope it will now be addressed. Thanks.
Bruce Lubman
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