Dear Editor.

Credit card swipe fees impact businesses and consumers, but there’s a bill in Congress that will help cut rising swipe fees. It’s called the Credit Card Competition Act (CCCA). The CCCA would reduce credit card swipe fees that cost small businesses 3% of every transaction by allowing merchants to choose from at least two different processing networks.

This change would have Visa and Mastercard compete with other comparable networks, forcing them to keep their swipe fee rates reasonable. This would help small businesses save on expenses, allowing them to keep prices lower for consumers.

As a small business owner, myself I empathize with the impact of swipe fees on costs. These fees not only impact small businesses but are also draining money from consumers and our local communities. It’s high time for Congress to step in and address this issue by breaking up the Visa and Mastercard duopoly, which has allowed them to wield unchecked power and raise fees with impunity.

We need Sens. Maria Cantwell and Patty Murray along with our entire federal delegation to support passage of the CCCA to help small businesses and consumers here in Washington to reign in rising credit card swipe fees.

 

Sincerely,

Vicki Schmitz Block