On Tuesday, Senators Roger Marshall (R-Kansas) and Dick Durbin (D-Illinois), Representatives Lance Gooden (R-Texas) and Zoe Lofgren (D-California) reintroduced the Credit Card Competition Act. NAMA commends their leadership in support of small businesses across the United States and affordability for American consumers.
Image Source: National Automatic Merchandising Association
The bipartisan legislation will promote a reduction in non-negotiable credit card swipe fees which have risen 70% since the pandemic. Unattended retail businesses are currently subject to higher swipe fees because most purchases are below $5; so-called ‘small ticket’ rates offered by the two largest credit card networks levy disproportionate costs for consumer purchases of this size. This imposes fees on convenience services businesses that are too high to be absorbed, particularly for the industry’s smaller merchants.
Prior to bill introduction, President Trump indicated his support for the measure: “Everyone should support great Republican Senator Roger Marshall’s Credit Card Competition Act, in order to stop the out of control Swipe Fee Ripoff.”
NAMA urges Congress to swiftly pass this bill to encourage competition and safeguard small businesses and American consumers.
About National Automatic Merchandising Association (NAMA)
NAMA represents the U.S. Convenience Services Industry, which contributes $40.04 billion to the U.S. economy. By providing advocacy, education, and research, NAMA works to promote and protect the industry’s over 165,000 jobs hardworking employees. Through traditional vending and micro markets, office coffee and pantry services, product manufacturing, and small-drop distribution, convenience services meets the needs of over 40 million American consumers daily at work, home, school, and play. Visit namanow.org to learn more.
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