The Washington Times has published a new op-ed, written by NFIB Federal Government Relations Director Jeff Brabant, that explains how credit card companies unfairly charge small businesses with multiple fees and how the Credit Card Competition Act of 2022 would give small businesses choices.
“The credit card fee crisis has been building for years, yet in the wake of the pandemic, it’s worse than ever. Small businesses and customers are reeling from inflation, with price increases the inevitable result of worker shortages and supply chain snarls. Amid these terrible challenges, massive credit card companies have shockingly decided to raise the fees they charge small businesses and customers. It’s adding to insult to inflation injury at the worst possible time, costing money that Main Street needs to survive.”
“Right now, Congress is considering bipartisan legislation called the ‘Credit Card Competition Act of 2022.’ It would require that credit card companies offer at least two networks on each credit card, which necessarily involves offering different fee structures. For the first time, small businesses would have options to choose from and can choose the most affordable option. What’s more, credit card companies would finally have to compete for business, just like small businesses have to compete for customers.”
Read the full op-ed here: https://m.washingtontimes.com/news/2022/nov/2/congress-can-stop-credit-card-companies-from-squee/
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