Small Businesses Demand Free-Market Credit Card Reform

Washington, D.C. (April 29, 2024)—In conjunction with National Small Business Week, the Job Creators Network (JCN) is calling on Congress to address the ballooning “swipe fees” small businesses are forced to pay every time a customer uses a credit card. The payments arena is currently dominated by Visa and Mastercard, which leverage their duopoly market position to absorb more than $100 billion annually from the scheme.

Bipartisan legislation called the Credit Card Competition Act has already been introduced that would inject more competition into the credit card arena—pressuring “swipe fees” to moderate. That way, restaurants, retail shops, and other small businesses will have more financial wiggle room to grow. 

The free-market bill enjoys broad support from the small business community. According to Job Creators Network Foundation polling, more than three-quarters of small employers support the Credit Card Competition Act with 64 percent being concerned about the impact of increasing “swipe fee” costs on their business. The national poll was conducted by well-known pollsters Scott Rasmussen and John McLaughlin and queries a representative sample of small employers nationwide. 

Elaine Parker, President of the Job Creators Network Foundation, released the following statement:

“Bloated credit card ‘swipe fees’ are often the second highest operating expense behind labor costs for small businesses—a financial migraine that is jeopardizing jobs, employee wages, and growth on Main Street. Despite misinformation pushed by a phony small business group trading in on the credibility of Main Street, small employers stand firmly behind the bipartisan Credit Card Competition Act. Congress needs to prioritize its passage this year.”