Sunflower State News

Small business owners are facing challenges due to increasing swipe fees charged by credit card companies, according to Dan Murray, the State Director of the National Federation of Independent Business (NFIB). In a conversation with Nick Gosnell from Hutch Post, Murray explained that these fees have more than doubled over the past decade, significantly impacting businesses operating on narrow profit margins.

Murray expressed support for Senator Roger Marshall's Credit Card Competition Act during the discussion. He noted that "92% of our small business owners have told us this is such an important issue," emphasizing the need for competition in the credit card processing market. The proposed legislation aims to introduce competition by requiring credit card companies to offer at least two networks on each card.

The NFIB's involvement in this matter is unusual, as they typically do not engage in business-to-business transactions. However, given the inflationary pressures and lack of marketplace competition, Murray stated that addressing this issue has become essential.

The Credit Card Competition Act seeks to provide relief for small businesses by fostering a competitive environment in credit card processing. This move could potentially alleviate some financial burdens faced by small business owners across various sectors.