Illinois’ Interchange Fee Prohibition Act, which bans interchange fees on taxes and gratuities, is facing legal challenges. Experts, including Merchant Advocate CEO Eric Cohen, warn that the law creates major complications for businesses, while banks argue it conflicts with federal regulations and adds costly burdens.
Read more about the legal battle here.
Visa is cracking down on its 3% surcharge cap with mystery shoppers and fines to ensure compliance. While larger merchants work to adapt, smaller businesses may be unaware of the rules and put themselves at risk for penalties. Payments Dive spoke to our own Eric Cohen about this developing story. Read more about card brand’s surcharge enforcement here.
Our CEO, Eric Cohen, shares insights with USA Today on how rising credit card swipe fees are impacting merchants and consumers alike—and what can be done about them. Increasing credit card swipe fees are costing the average household over $1,100 annually, making it more important than ever for businesses to take a proactive approach to managing these costs. Read more here.
The Illinois Interchange Fee Prohibition Act, set to take effect in July, could create significant market disruptions, including more complex transactions and reduced card rewards for consumers. Eric Cohen of Merchant Advocate highlights the challenges merchants face, from increased transaction errors to higher compliance costs, arguing that such laws need a national approach to avoid widespread complications.
Read more about the potential impact of this legislation here.
The Credit Card Competition Act faces slim chances of passing in the current congressional session, with key lawmakers signaling a lack of support. Our CEO was interviewed by Digital Transactions to discuss the bill’s challenges, its potential impact on swipe fees, and why its future remains uncertain under a deregulation-focused administration.
Read more about Eric’s take on the CCCA its potential impact here.
The U.S. Justice Department is suing Visa, alleging antitrust violations that could reshape the debit card industry. In this episode, our CEO, Eric Cohen, explores Visa’s powerful role in the market, the stakes of this lawsuit, and what it could mean for businesses and consumers alike.
Tune in to understand the potential impact of this high-profile case here.
Credit card processing fees present a significant challenge for medical practices, often hidden beneath layers of complex charges. Merchant Advocate’s team specializes in helping practices uncover these hidden costs and maximize savings—all without requiring a processor switch. Discover how we can streamline your credit card processing and reduce expenses here.
As software companies increasingly integrate payment processing into their platforms, businesses may unknowingly face hidden fees. Exclusive processor relationships and outdated software can drive up expenses.
Read more about managing software integration costs here.
Surcharging is a hot topic for restaurants navigating razor-thin margins and rising card payment costs. While some businesses pass these fees to customers, others consider cash discounts. Understanding the pros, cons, and regulations of each approach is vital to making the right choice for your establishment.
Read more about surcharging and saving on processing fees here.
PCI DSS version 4.0 introduces key updates that dental practices must adopt by March 2025 to stay compliant and secure patient payment data. With the deadline approaching, understanding and implementing these changes is crucial to avoid breaches and penalties.
Read more about PCI DSS version 4.0 here.