Small Businesses Say It’s Time to Pass the Credit Card Competition Act to Stop the Swipe Fee Ripoff

This year, members of the House and Senate from both parties have reintroduced the Credit Card Competition Act and President Trump has endorsed the bipartisan bill, saying it is needed “to stop the out of control Swipe Fee ripoff.”

Swipe fee have increased 70% since the pandemic, reaching a record $187.2 billion in 2024. These non-negotiable fees charged by megabanks and global card networks to process transactions are most merchants’ highest cost after labor — far too much to absorb. Consequently, they drive up prices by nearly $1,200 a year for the average family.

Small businesses are hit the hardest by these fees because they have the fewest resources and no power to negotiate. Because of this, small businesses are calling out the loudest for swipe fee reform and passage of the Credit Card Competition Act.

Below are video testimonials from small merchants across the country. Watch the videos to hear how each of them is being impacted by rising, out-of-control swipe fees and what Congress can do to help.

Jacob Klatt, Sapphire Motel, Bozeman, Mont.
“One of our biggest expenses, credit card swipe fees, is something we have absolutely no control over.” Watch video to hear more.

Darren Pierce, Associated Food Stores, Salt Lake City, Utah
“Visa and Mastercard control 85% of the market and they set their rates. Small businesses like us either pay or we die.” Watch the video to hear more.

Jim Kimray, B&W Hardware, Wake Forest, N.C.
“Unfair credit card swipe fees hurt my business by requiring us to spend the profits that we work hard to earn on exorbitant credit card fees that we’re not allowed to negotiate. It’s time for Congress to act.” Watch video to hear more.

Tracey Mangano, Cardsmart Greetings, Kemore, N.Y.
“Main Street is disappearing, so I’m hoping that the credit card bill will be passed and it will allow some competition.” Watch the video to hear more.

Hermalyn Magdonia, Completely Kentucky, Frankfurt, Ky.
“Credit card fees cut directly into money that I could use to reinvest into my business. Small businesses like ours, we don’t have the negotiating power that big corporations do, so it hits us really hard.” Watch the video to hear more.

Danny Reynolds, Stephensons of Elkhart, Elkhart, Ind.
“It’s time to act because these rising costs are simply unsustainable and it’s time to pick Main Street over Wall Street.” Watch the video to hear more.

Jennifer Luna, The Kinship, Tacoma, Wash.
“Unfair credit card swipe fees are hurting my business because I’m paying extraordinary amounts of money to credit card companies that are making billions of dollars in profits while I’m just trying to break even at the end of the day and pay my employees fair wages.” Watch the video to hear more.

Neil Abramson, ECI Stores, Leominster, Mass.
“Small businesses like mine all across America are getting buried by credit card processing rates.” Watch the video to hear more.

Wes Allen, Sunlight Sports. Cody, Wyo.
“This is Main Street versus Wall Street and it’s time Congress chose Main Street.” Watch the video to hear more.