LISTEN: Swipe Fees Cut Into Small Business Owners’ Thin Margins

June 16, 2023

LISTEN: Swipe Fees Cut Into Small Business Owners’ Thin Margins

HUTCHINSON (June 16, 2023) – “Small business owners operate on thin profit margins,” NFIB State Director Dan Murray said in an interview with Nick Gosnell of the Hutch Post. “Those margins have been increasingly cut into in recent years. Credit card companies, as many know, charge swipe fees. Those swipe fees have increased dramatically over the last decade. In fact, they have more than doubled.” READ: ‘It’s Time for Congress to Ensure Real Competition in the Credit Card Market’ During the conversation, Murray highlighted small business owners’ support for Sen. Roger Marshall’s Credit Card Competition Act, saying: “We, as an organization, rarely get involved in these business-to-business transactions. In this rare case, where 92% of our small business owners have told us this is such an important issue, particularly given the pervasive, inflationary rates with products and services, this issue has become too important not to address. Because there’s no true marketplace competition, we need to introduce a moderate amount of competition.” CLICK HERE or HERE for 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. CLICK HERE to read the full op-ed.

Topics:

Competition

State:

Kansas

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