Senator Marshall (R-KS)
has filed the "The Credit Card Competition Act"
(CCCA) as an amendment to the Federal Aviation
administration (FAA) reauthorization legislation
currently pending on the Senate floor. While it
is still unclear which amendments will
ultimately be considered, the credit cards
companies and big banks are unleashing their
grassroots on the Hill to oppose it. The
amendment’s passage would ensure retailer choice
in payment routing by requiring at least two
unaffiliated processors on credit cards-- the
same process that is currently used for debit
card transactions. Swipe fees are the second
highest operating cost for convenience store
retailers and while these fees continue to rise
because of inflation, Congress can help now by
approving the CCCA!
EMA urges all jobbers
and retailers to reach out to their Senators and
ask them to VOTE YES on the Credit Card
Competition Act amendment. This amendment would
reduce swipe fees and allow retailers a choice
of network to handle the transaction through
competition which would save Americans and
businesses around $16.4 billion in swipe fees
per year. |
