Your local merchants are fed up with unfair swipe fees.
Take a look at our latest swipe fees blog post which dives deeper into the effects that credit card swipe fees have on small retailers.
Every time a card is swiped, a Wall Street bank profits off small businesses and consumers. That’s because two companies control 80% of the current market, setting the fees charged by all banks that issue their cards along with the terms for usage — forcing merchants to foot the bill. That means small businesses have no choice but to pay non-negotiable fees or incorporate the high swipe fees into the prices consumers pay.
Lack of competition means credit card swipe fees continue to rise year after year, soaring 20% last year alone. Small retailers are hardest hit by high credit card swipe fees, especially during this period of inflation. Small businesses pay the highest swipe fee rates and have the least leverage to fight back against credit card networks and Wall Street banks.
Excessive swipe fees stifle growth and expansion for small businesses and are the highest operating cost after labor. These high fees also make it difficult for small business owners to invest in their companies by hiring more staff, buying more inventory, competing on price and even keeping their doors open in today’s uncertain economic climate.
Tell Congress to support the Credit Card Competition Act.
A fair solution
The bipartisan Credit Card Competition Act would infuse competition into the marketplace by simply requiring there be at least two competing processing networks enabled on each credit card. These reforms have the potential to save American businesses and consumers an estimated $11 billion per year.
Are you a small retailer that’s fed up with swipe fees?
Show your support for the Credit Card Competition Act by displaying our educational signage at your store. We have window clings for storefronts, easel signs to display at checkout and flyers to share with customers.
Sign up today to spread the word and advance swipe fee reform!