I am writing you today to express my concerns about rising credit card fees and to encourage your
support to put an end to the anticompetitive rules Visa and MasterCard impose on merchants like me.
Credit card interchange fees, which average roughly 2% of every credit card transaction in my
store, are one of the most significant expenses we confront everyday, second only to labor costs.
Interchange fees average roughly 2% of each card transaction, which creates a real crunch on a
business like ours that operates on razor thin profit margins of not much more than 1 to 2%.
Swipe fees continue to rise at an alarming and unpredictable rate, out pacing both health care and
energy costs. These swipe fees have only increased, tripling since 2001 from $16 billion to $48 billion
in 2008, making it nearly impossible for my business to absorb the cost of accepting plastic as the
number of electronic payment transactions continues to increase. Visa and MasterCard control over
80% of the payments card market and use that market power to set interchange rates. The Credit
Card Interchange Fees Act would address the anticompetitive operating rules set by Visa and
MasterCard and bring much-needed transparency to the rules and rates set by the credit card
companies.
The creation of a fair and transparent payments system would make interchange fees known to
retailers and consumers and help establish a competitive market. Visa and MasterCard's operating
rules keep interchange fees hidden from consumers and built into the price of all retail items, making
everyone pay for interchange fees even if they pay by cash or check. Something must be done to
help bring competition to this broken market that is harming small businesses and the customers we
serve. I strongly encourage your support of H.R. 2382, the Credit Card Interchange Fees Act,
which will eliminate the anticompetitive practices by Visa and MasterCard and create a fair payments
system that allows for consumer and merchant choice. H.R. 2382 requires disclosure of swipe fees
and prohibits the rules the card association has put in place to prevent free and fair competition in
the marketplace.
Thank you very much for your consideration on this important issue.
support to put an end to the anticompetitive rules Visa and MasterCard impose on merchants like me.
Credit card interchange fees, which average roughly 2% of every credit card transaction in my
store, are one of the most significant expenses we confront everyday, second only to labor costs.
Interchange fees average roughly 2% of each card transaction, which creates a real crunch on a
business like ours that operates on razor thin profit margins of not much more than 1 to 2%.
Swipe fees continue to rise at an alarming and unpredictable rate, out pacing both health care and
energy costs. These swipe fees have only increased, tripling since 2001 from $16 billion to $48 billion
in 2008, making it nearly impossible for my business to absorb the cost of accepting plastic as the
number of electronic payment transactions continues to increase. Visa and MasterCard control over
80% of the payments card market and use that market power to set interchange rates. The Credit
Card Interchange Fees Act would address the anticompetitive operating rules set by Visa and
MasterCard and bring much-needed transparency to the rules and rates set by the credit card
companies.
The creation of a fair and transparent payments system would make interchange fees known to
retailers and consumers and help establish a competitive market. Visa and MasterCard's operating
rules keep interchange fees hidden from consumers and built into the price of all retail items, making
everyone pay for interchange fees even if they pay by cash or check. Something must be done to
help bring competition to this broken market that is harming small businesses and the customers we
serve. I strongly encourage your support of H.R. 2382, the Credit Card Interchange Fees Act,
which will eliminate the anticompetitive practices by Visa and MasterCard and create a fair payments
system that allows for consumer and merchant choice. H.R. 2382 requires disclosure of swipe fees
and prohibits the rules the card association has put in place to prevent free and fair competition in
the marketplace.
Thank you very much for your consideration on this important issue.
| THE PETITION |
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