Federal Lawmakers Urge Credit Card Companies To Refrain From Increasing Swipe Fees
March 15, 2021
Last week, U.s. Sen. Dick Durbin (D-IL) and Rep. Peter Welch (D-VT) sent a letter to VISA and MasterCard urging the companies to refrain from increasing swipe fees by $1.2 billion scheduled to take effect in April.
An increase in processing fees could be especially hard for convenience stores now that cash has become a less popular payment option with the COVID-19 pandemic.
“Just as increased vaccination efforts start to give our Main Street business hope for a summer reopening, your companies propose slamming struggling merchants, and by extension consumers, with fee increases,” Durbin and Welch said in the letter. “Raising your fees would undermine efforts to help the economy recover and further reduce Americans’ purchasing power.”