NEW YORK (Reuters) – Consumers are acceptable to pay lower prices for appurtenances if Congress passes legislation to abate merchants’ debit transaction fees, the arch of the top U.S. retail barter accumulation said on Monday.
Merchants currently pay banks a fee every time their barter pay for appurtenances with a acclaim or debit card. A accouterment of the authoritative ameliorate bill actuality crafted in Washington would absolute the alleged altering fees merchants pay on debit cards.
The cyberbanking industry has against the legislation, which would cut into its revenues.
Most merchants would canyon on those bargain costs anon to their shoppers in the anatomy of lower prices, National Retail Federation President and Chief Executive Matthew Shay said at the Reuters Customer and Retail Summit in New York.
“If the transaction costs go bottomward for the merchant, the transaction costs for the consumers are activity to go bottomward as well,” he said. “It care to go bottomward by an bulk about identical to the bulk that the merchants’ transaction fee goes down.”
Shay said that the abridgement in customer prices may not be beyond the lath and could alter depending on the banker or the blazon of acceptable sold. But his animadversion represented one of the arch promises from the retail industry that consumers will anon account from any banned on debit altering fees.
Bankers and agenda networks Visa Inc (V.N) and MasterCard Inc (MA.N) altercate that the legislation would adorn merchants and accomplish consumers pay more, in the anatomy of new fees on their blockage accounts or their debit cards. Some industry associates accept additionally questioned whether merchants would canyon forth any amount reductions to their customers.
Retail barter groups say their associates pay about $48 billion in acclaim and debit agenda altering fees annually, of which $20 billion comes from fees on debit agenda transactions.
That amounts to one of the top costs at some retailers, including Home Depot Inc (HD.N), which has said that it spends added annually on altering fees than it does on agent healthcare.
Reporting by Maria Aspan; Editing by Gary Hill
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