Small business owners discuss how the Credit Card Competition Act would benefit their businesses
WASHINGTON, D.C. (July 26, 2023) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released a new video today featuring small business owners explaining the impact the Credit Card Competition Act would have on their Main Street businesses if passed into law.
The Credit Card Competition Act seeks to ensure competition in the credit card processing market by allowing small businesses the freedom to choose between multiple credit card networks. Without this legislation, businesses everywhere are subjected to ever-rising interchange fees set by large credit card companies in a closed market free from competition. According to a recent NFIB member ballot, 92% of NFIB member small business owners believe that businesses should have the right to choose between multiple credit card processing networks. This legislation would help preserve their freedom of choice by injecting much-needed competition into the credit card processing market, allowing small business owners to choose the option that is best for their business.
WATCH the NFIB’s new In Their Own Words video here:
Excerpts include:
“I think one thing people forget about all these costs and fees that they think businesses pay is that it’s the consumers who end up paying these fees. At the end of the day, if we can reduce those fees, we can stabilize costs,” said David Henrich, a small business owner from Minnesota.
“The Credit Card Competition Act, I think, would be very beneficial to our business. We just recently started accepting credit cards, and we have noticed that that ‘swipe fee’ has been very expensive for us,” said Renea Jones, a small business owner from Tennessee.
“I don’t have that free choice to go out and choose who I give my money to. It’s already taken away from me on the third of every month before I have the choice to come back and say, ‘Wait a minute, let’s look at this and negotiate a better rate,’” said Jeff Hastings, a small business owner from North Carolina.
