As reported in"Convenience Store News," Congressman Peter Welch was featured in a Merchants Payment Coalition teleconference held yesterday in advance of today's interchange hearing by the House Financial Services Committee. In his comments, Welch criticized what he feels is the monopoly held by Visa and MasterCard. He says that interchange fees have tripled since 2001 while the cost of processing transactions has decreased. He reiterated his opinion that the "Durbin-Welch Amendment" would provide protection for merchants while insuring an exemption for small banks and credit unions under $10B in assets. He went on to point out that VISA has already proposed a two-tier interchange approach.
Also on the call, the president of the National Small Business Association added that the Durbin amendment "improves the function of the marketplace; it does not get in the way of the marketplace." And, a 7-Eleven owner from Quincy, MA argued "If I don’t like what Coke or Pepsi is charging me I can sit down with them and negotiate," pointing out that he can't with VISA and MasterCard. He went on to say that he's not looking for a free ride, but rather what he feels is a fair and reasonable fee.
Read about the summary of the national teleconference as reported by Convenience Store News.
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