The Lower Credit Card Fees Coalition brings together a network of likeminded businesses and advocates, including American Economic Liberties Project, Americans for Financial Reform, International Brotherhood of Teamsters, Service Employees International Union, and the Merchants Payments Coalition, which includes NACS.
The coalition debuted a microsite, www.lowercreditcardfees.com.
According to the announcement, the Credit Card Competition Act “is a crucial step towards rectifying the longstanding hold of the Visa-Mastercard duopoly. Visa and Mastercard’s market power allows them to set sky-high swipe fees, ten times higher than they charge in Europe, that have more than doubled over the past decade. Merchants have no way to negotiate rates and have no choice but to accept the rates Visa and Mastercard set. These fees are then passed onto consumers. As a recent Economic Liberties Myth-Fact policy brief explains, the Credit Card Competition Act will require banks issuing credit cards to offer multiple payment networks on their cards, jump-starting competition that will lower swipe fees and enhance security and other features, ultimately benefiting both consumers and small businesses.”
Doug Kantor, Merchants Payments Coalition executive committee member and NACS general counsel, said, “Consumers, hard-working union members and small businesses alike are tired of high credit card fees and the money big Wall Street banks take out of their pockets. Swipe fees cost the average family more than $1,000 per year. It’s time for Congress to protect consumers, workers and small businesses from the central price-setting of the Wall Street giants.”
In the continuing fight against swipe fees, Senator Marshall (R-Kansas) visited a Casey’s last week to participate in the NACS In Store program and discuss the Credit Card Competition Act that he helped introduce to Congress. He toured the store, shadowed management and interacted with customers and constituents while he worked behind the counter.
Join the fight by letting your customers know about swipe fees with a variety of pump toppers and window displays.