More transactions than ever before use credit cards, which adds a 2-3% fee per swipe. This amounts to tens of thousands of dollars per year that small business owners are forced to pay credit card processing companies to operate their business. Senators Dick Durbin (D-Illinois) and Roger Marshall, M.D. (R-Kansas) reintroduced the bipartisan Credit Card Competition Act this week. Additionally, the President endorsed the legislation on Jan. 13.

Senator Durbin spoke on the Senate floor about the impact of high swipe fees on America’s small businesses. In his speech, Senator Durbin provides examples from two Illinois small business owners and NFIB members on how high swipe fees prevent hiring, hurt business growth, and why it’s time for Congress to take action. 

Credit card costs have more than doubled since 2012. The Credit Card Competition Act encourages competition between processing networks, which will help drive down swipe fee costs for small businesses. Passing this bill will help small businesses nationwide reduce overhead costs and allow them to invest in their employees, products, and communities. 

Take Action: Urge Congress to pass the Credit Card Competition Act and give small businesses freedom of choice between credit card processing networks.