One of the leading retail trade organizations in the United States recently made headlines after it came out against a recent settlement.
The Associated Press reports that the National Retail Federation’s board recently approved a measure seeking to block the recent $7.25 billion settlement with MasterCard, Visa and other major financial institutions. The settlement, which would reimburse merchants affected by high processing fees, has come under fire from many in the sector, including Target and Wal-Mart.
The leadership of the NRF, which counts more than 9,000 stores in its membership, said that the payout fell short of what was needed and that consumers and merchants would end up paying the price.
‘‘The settlement was by the credit card companies and for the credit card companies. This will not help merchants or customers,’’ said Mallory Duncan, senior vice president and general counsel for NRF, according to the source.
Other retail trade groups have made formal statements against the settlement, which will repay stores for the high swipe fees. The National Association of Convenience Stores said that the merchant services-related agreement lacked transparency.Back To Blog