DES MOINES, Iowa-In response to the settlement in the "swipe fees"case, TMG Financial Services and The Members Group issued a statement saying it expects all credit unions to be "impacted by this decision."
"While the economics of cards has served us well for many years, this settlement reinforces the need to continue to provide value for all parties in the payments stream-consumers, financial institutions and merchants," the companies said. "Perhaps this settlement prevents years of legal battles, but the interchange conversation is going to stay with us.
For those of us who provide credit card solutions, we have our work cut out for us. It is imperative that we find ways to provide value for merchants, which in the end means how can we help generate more sales."