The Credit Card Competition Act would decentralize and permit transaction processing across multiple networks.
With only three weeks left until its annual small-business fly-in known as Washington Presentation, NSBA published a new Issue Brief on the Credit Card Competition Act (CCCA).
In addition to publication of this new Issue Brief, recently, NSBA sent a letter to key U.S. Senators urging passage of the CCCA – critical legislation to protect small businesses from increasingly costly credit card processing fees.
Specifically, the CCCA would address credit card processing fees (“swipe fees”) and network restrictions that currently benefit the largest banks and corporations at the expense of small and local businesses that can least afford to fight back.
The current market lacks meaningful competition and leaves small merchants with few choices and little negotiating power. The CCCA would decentralize processing, permitting transaction processing across multiple networks.
With Senate leadership appearing to plan for a vote later this session, NSBA is hopeful that Congress will act on this important legislation soon.
Follow NSBA as we track progress of the CCCA in Congress, and read the full letter to the Senate here.