The CCCA would help keep credit card processing fees in check.
This week, NSBA sent a letter to key U.S. Senators urging passage of the Credit Card Competition Act (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.
NSBA is hopeful that Congress will consider this important legislation during this session of Congress, and it appears that Senate leadership has committed to allowing a vote later this session.
Follow NSBA as we track progress of the CCCA in Congress, and read the full letter to the Senate here.