Bill would give small businesses choices to help with rapidly rising “swipe fees”
The Credit Card Competition Act of 2023 was re-introduced in the U.S. Senate and U.S. House on June 7. This bill would give small business owners choices between credit card networks. NFIB President Brad Close participated in a press conference hosted by Senator Roger Marshall (KS) at the U.S. Capitol following the introduction of the legislation, and NFIB sent letters to the U.S. Senate and the U.S. House in support of the legislation.
“This legislation will help inject much-needed competition into credit card processing,” said Close, NFIB President. “Currently, small business owners do not have the market power to negotiate with large credit card companies on ‘swipe fees,’ which have more than doubled since 2012. By allowing owners to choose between multiple credit card network options, it would allow them to choose the option that is best for their business. We applaud the re-introduction of this legislation and urge Congress to pass it quickly.”
Small businesses would benefit from the Credit Card Competition Act of 2023 as it would create competition in the credit card processing market, giving owners choices to help them with rapidly rising “swipe fees” charged to small businesses that accept credit cards. Ninety-two percent of NFIB members believe that small business owners should have the right to choose among multiple credit card processing networks.
The Credit Card Competition Act of 2023 is sponsored in the U.S. Senate by Sen. Roger Marshall (R-KS), Sen. Dick Durbin (D-IL), Sen. J.D. Vance (R-OH), and Sen. Peter Welch (D-VT) and in the U.S House by Rep. Lance Gooden (R-TX) and Rep. Zoe Lofgren (D-CA).
Take Action: Write to your members of Congress and tell them how credit card processing fees impact your business.
