The Devastating Impact of Credit Card Fees on Restaurants
Originally Published 2 years ago — by Courier Journal
The Executive Vice President and Director of Operations of Main Street Management, T.J. Oakley, urges Senators Mitch McConnell and Rand Paul, along with the entire Kentucky delegation, to pass the Credit Card Competition Act (CCCA) to address the crushing impact of credit card swipe fees on restaurants and small businesses. With the top two credit networks controlling over 80% of the market, Oakley highlights the lack of competition and the burden of swipe fees, which add about 3% to every credit card transaction. The CCCA would require at least two competing networks on every credit card, introducing competition and potentially saving businesses and consumers an estimated $15 billion annually.