Merchants Payments Coalition Urges Congress To Support The Credit Card Competition Act
Last week, the Merchant Payments Coalition (MPC) sent a letter to Congress urging support for the “The Credit Card Competition Act”.
The letter, which included signatories from 230 state, regional and national industry groups including EMA and all EMA member associations, emphasized how the legislation would help fix a broken market that has allowed Wall Street megabanks and global card networks to block competition and unfairly profit at the expense of Main Street merchants and American families for far too long.
Led by U.S. Senate Majority Whip Dick Durbin (D-IL) and Senator Roger Marshall (R-KS), the bipartisan “The Credit Card Competition Act,” (S.4674) would ensure retailer choice in payment routing by requiring at least two unaffiliated processors on credit cards, the same process that is used for debit card transactions.
Swipe fees remain the second highest operating cost for convenience stores which costs the industry $138 billion annually.
EMA will continue to work with industry partners to urge passage of the legislation before years end.