WASHINGTON, DC — Today, Richard Hunt, Executive Chairman of the Electronic Payments Coalition (EPC) released the following statement:
“Big-box retailers, led by Walmart and Target, and their allies in Congress continue to distort the truth about interchange. Despite misleading claims made by the Merchant Payments Coalition, interchange rates have been stable over the past seven years. What has increased, however, is merchant sales which have more than doubled over the past decade.
“Merchant profits are also on the rise. According to the National Association of Convenience Stores (NACS), the average gross margin on gas increased 40% last year. Gas stations profited $65 billion, while interchange rates remained flat.
“Lawmakers should not fall for the broken promises made by merchants. The Richmond Fed confirmed that only 1% of merchants actually lowered prices after the 2010 Durbin Amendment, while 22% raised prices. These are admissions and data points that you won’t find in the merchant funded think tank, CMSPI. Why? Because facts get in the way of Walmart and Target’s crusade to line their pockets at the expense of consumers and small businesses.
“Congress and the American people should not be fooled again.”