Over 1,800 merchants across the USA have called on lawmakers to pass legislation that would bring competition to credit-card swipe fees that are driving up consumer costs. A letter was sent by the Merchants Payments Coalition to all members of the House and Senate, asking for support on the Credit Card Competition Act. Swipe fees average over two percent and cost American families an average of US$900 a year.
“Support for swipe fee competition is quickly building, and this letter from a broad cross-section of merchants is proof. Signers range from gas stations and grocery stores to Main Street retailers and local restaurants. Swipe fees impact every segment of the merchant community and every consumer, whether they pay by credit card or not. Wall Street banks and global card networks that dominate the industry by unfairly blocking competition have profited on the backs of small businesses and American families for far too long,” said Doug Kantor, Merchants Payments Coalition Executive Committee member and National Association of Convenience Stores General Counsel.
A separate letter signed by 236 state and national trade associations representing merchants was also sent to emphasise the impact of swipe fees on small businesses.
