Oct. 12, 2023 — According to a recent survey from the National Retail Federation (NRF), only 21% of consumers believe that credit card companies are honest and trustworthy when advocating before Congress regarding the fees they charge retailers to accept their cards.
 
Currently under consideration before Congress, the Credit Card Competition Act requires at least two competing processing networks enabled on each card—legislation that NRF shares could potentially save businesses and consumers in the U.S. an estimated $15 billion per year.
 
The NRF also found that 81% of consumers support legislation calling for greater competition to lower credit card fees for small businesses, and 73% say they trust small businesses over large institutional bank when it comes to advocating for policies that affect consumers.
 
According to the NRF, retailers and merchants in the U.S. pay the highest swipe fees in the industrialized world. In 2022, swipe fees paid by businesses for credit card transactions totaled $126.4 billion, a 20% increase from 2021.
 
The NRF has led efforts for payments policy reform, including a grassroots campaign aimed toward leveling the playing field for small businesses and retail merchants across the country.