JCN Calls Visa, Mastercard Swipe Fee Settlement “Crumbs” for Main Street

Washington, D.C. (March 27, 2024)—This week, Visa and Mastercard, the country’s two largest credit card networks, agreed to settle on a nearly two-decade long legal battle with merchants. The corporate giants agreed to cap so-called “swipe fees”—which small businesses are forced to pay every time a customer uses a credit card—for five years. 

The agreement only provides temporary, modest relief that passage of the Credit Card Competition Act can help expand upon. 

Alfredo Ortiz, Chief Executive Officer of the Job Creators Network, released the following statement:

“Main Street has been plagued by high credit card ‘swipe fees’ for years as two credit card companies have dominated 80 percent of the payments arena and boxed out competitors. This week’s deal made by Visa and Mastercard does little to remedy the situation—amounting to temporary financial crumbs for Main Street while Wall Street continues to eat cake. The legal development emphasizes the need for legislative reform that brings lasting relief to small businesses via free market competition.”