The National Federation of Independent Business (NFIB) is calling on Congress to pass the Credit Card Competition Act, a bill that aims to give small businesses more options for credit card processing networks. The legislation was re-introduced in Congress by Senator Roger Marshall (R-Kansas) and Senator Dick Durbin (D-Illinois). President Trump has also voiced his support for the measure, describing current swipe fees as “out of control.”
Brad Close, president of NFIB, said: “Introducing much-needed competition into the credit card processing market will force networks to compete for their customers, just as small businesses compete for customers every day. Small business owners pay exorbitant fees just to be able to accept credit cards from their customers and those costs have skyrocketed, becoming one of the top expenses small businesses manage each month. It’s time for Washington to advance the Credit Card Competition Act so small business owners can invest in their own employees and communities instead of Wall Street’s bottom line.”
According to NFIB, 92 percent of its members believe that small business owners should have the right to choose among multiple credit card processing networks.
NFIB has been advocating for independent businesses across the United States since 1943. The organization operates as a nonprofit and nonpartisan group focused on representing small business interests at both federal and state levels.
