The measure would reduce the cost of doing business by injecting much-needed competition into the credit card processing market
NFIB State Director Chris Ferruso said today that Ohio’s small business owners are grateful to U.S. Sen. J.D. Vance for taking the lead on legislation that would reduce the cost of doing business by injecting much-needed competition into the credit card processing market.
“Small businesses operate on notoriously thin profit margins, and those margins have become even thinner because of credit card swipe fees. Swipe fees are a fee the credit card companies charge for processing a transaction. Banks don’t compete on swipe fees, which have doubled since 2012. Inflation has only exacerbated the problem by effectively multiplying swipe fees as a percentage of each sale.
“Senate Vance’s legislation, the Credit Card Competition Act of 2023, would fix this by allowing small businesses to choose between at least two credit card networks to process a sale. The competition would mean lower fees on credit card transactions, and that would let small businesses save money during these difficult economic times.”
NFIB President & CEO Brad Close joined Vance and other senators at a news conference today in Washington, D.C., on reintroducing the legislation. Click here to learn more.
