LISTEN: Competition Will Provide Some Relief to Small Business Owners

June 20, 2023

NFIB Kansas joins AgriTalk to highlight small business support for the Credit Card Competition Act

LISTEN: Competition Will Provide Some Relief to Small Business Owners

TOPEKA (June 20, 2023) – “Collectively, small business economy is the largest economy in the country, but it’s disparate,” NFIB State Director Dan Murray said in an interview with Davis Michaelsen on AgriTalk. “You have restaurants, retailers, Main Streets in Western Oklahoma and Kansas and Nebraska – they all hopefully work together in advocating for themselves. But they don’t have the negotiating power that the larger corporations do.” During the conversation, Murray highlighted small business owners’ support for Sen. Roger Marshall’s Credit Card Competition Act, saying: “We believe this is a fair marketplace disruption into the competition of these networks will provide some relief to small business owners. […] We believe in this rare instance that the government needs to step in and provide additional competition in the market.” “Ultimately these fees are paid by the end user,” Murray said. “The small business owner can choose to eat the cost of that expense, which reduces their profit. They can build it into the cost of their goods and services. Or they can pass it along through a surcharge – but we believe competition will help to reduce it and provide savings to the end user.” CLICK HERE to listen to the full interview. Background: The Credit Card Competition Act would require credit card companies to offer at least two networks on each credit card, providing much-needed competition in the credit card processing market.

In a recent op-ed for The Emporia Gazette, Murray described how swipe fees cut a small business owner in Auburn’s profit margin in half. Murray also joined The Eagle in Hutchinson to discuss small business owners’ support for the bill.

Topics:

Competition

State:

Kansas

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