Ben Sperry and Julian Morris Quoted in Heartland Signal on Illinois Swipe Fee Law Debate
Heartland Signal quoted Ben Sperry and Julian Morris, ICLE Senior Scholars, in a piece examining Illinois’ Interchange Fee Prohibition Act and the debate over whether limiting swipe fees on taxes and tips could reduce merchant costs or create payment-system disruptions and compliance challenges. Read the full piece here.
Opponents also argue that the IFPA will slash credit card rewards programs and jeopardize local banks and credit unions while giving a handout to retailers. The International Center for Law & Economics says the IFPA will also require a costly overhaul of the current credit card system, requiring “a real-time exemption system that would require merchants to transmit detailed tax and gratuity data during payment authorization.”