More than 620 businesses have signed a letter addressed to congressional leaders asking them to not overturn swipe fee reform.
The letter notes that the financial reforms “are critical to U.S. businesses and our customers. The debit card fee and rule reforms prescribed in Section 1075 of the Wall Street Reform and Consumer Protection Act have provided significant relief to Main Street businesses from anti-free market practices employed by global credit and debit card brands.”
The retailers, which includes grocers, convenience store owners, restaurateurs and leaders from a host of other industries, highlight the importance of debit card reform, along with the need for other reforms “in the credit card marketplace to improve payment acceptance as the United States continues to adopt new and innovative ways to pay in the mobile and e-commerce spaces. Debit card reforms have been a major step in the right direction, and any removal of those reforms would be a monumental step in the wrong direction for U.S. businesses and consumers.”
The National Association of Convenience Stores (NACS) and its members urge Congress to protect debit swipe fee reform and keep the Durbin Amendment intact. According to NACS, since its implementation, debit reform has resulted in consumer savings of nearly $6 billion per year and supported more than 37,000 jobs per year.