Given the long-running, contentious disagreements over interchange among retailers, card brands, merchant acquirers, bank associations, legislators and other interested parties, it's hard to believe that interchange hasn't always been controversial. "After all," the lead article in this issue notes, "there is a real cost to card-issuing banks when they fund a cardholder purchase, making the transaction an unsecured extension of credit that benefits the merchant." As the industry has grown in complexity and merchant categories have morphed and proliferated, along with their associated fees, retailer dissatisfaction has grown. And now, Senator Dick Durbin, D-Ill., is aiming to stick a legislative wrench in the works, much like he did in 2010 when he tacked on an amendment to the Wall Street Reform and Consumer Protection Act. The amendment capped debit fees, theorizing—wrongly, it turns out—that merchants would pass their savings on to consumers and thus stimulate the economy.
Continuing The Green Sheet's 40th anniversary retrospective series, our lead feature puts the main points of contention in historical context, along with various remedies and solutions. A certain amount of tension will always arise in business, so periodic deja vu may be our destiny. However, given the number of highly skilled communicators we have in the payments industry, common sense may ultimately prevail.
When it comes to skilled communication, one aspect can't be ignored during in-person or video meetings: body language. One of our contributors explains how to incorporate mirroring into your body language for maximum effect. Other contributors explain how service providers can help merchants be proactive in addressing fraud and chargeback risks to avoid escalating attacks and costly fees; how President Biden's Executive Order Promoting Competition in the American Economy (EO 14036) aims to prevent further consolidation in the banking and technology industries; and why the Visa Integrity Risk Program's requirements are daunting and will preclude acquirers from supporting certain merchants.
Highlighted news stories cover FedNow's readiness for launch, research indicating omnichannel commerce and retailer apps have staying power, Block's lawsuit against Visa and Mastercard alleging they have been overcharging its Square business unit, a new regulatory framework aimed at standardizing approaches to crypto-asset activities worldwide, and research affirming a thriving experience economy despite cost-of-living increases. You'll find all of the above herein, along with new company and product profiles, and updates on recent industry milestones. Please send your comments to greensheet@greensheet.com and press releases to press@greensheet.com. 
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