Laws Would Deliver A lot Wanted Competitors to the Credit score Card Market
Washington, D.C. –The Nationwide Grocers Affiliation (NGA) voiced its help as we speak for the reintroduction of the Credit score Card Competitors Act by Sen. Dick Durbin (D-IL), Sen. Roger Marshall (R-KS), Rep. Lance Gooden (R-TX-05), and Rep. Zoe Lofgren (D-CA-18) that might deliver a lot wanted competitors to the bank card market after years of extreme swipe charges that hurt small companies like unbiased grocers.
“This laws is urgently wanted to repair a bank card market that’s essentially damaged and stacked towards small companies—particularly unbiased group grocers,” stated Christopher Jones, NGA chief authorities relations officer. “Visa and Mastercard management 80 % of the bank card market and refuse to negotiate charges with family-owned supermarkets. With margins of underneath 2%, grocers haven’t any alternative however to move these extreme swipe charges on to shoppers within the type of larger grocery costs. The Credit score Card Competitors Act would offer much-needed aid to unbiased grocers and their prospects, who profit probably the most from competitors within the market.”
Visa and Mastercard set the charges they cost banks, and the 2 card networks implement payment modifications that nearly at all times improve retailers’ prices. In addition they block rivals from processing credit score transactions by proscribing processing to their very own networks, stifling competitors from unbiased suppliers with decrease charges and stronger safety.
As a founding member of the Retailers Funds Coalition, NGA has labored alongside different service provider associations to deal with swipe charges for practically two a long time. Upon reintroducing this landmark laws, NGA additionally despatched a letter to Republican and Democratic management to formally endorse it.
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In regards to the Nationwide Grocers Affiliation
NGA is the nationwide commerce affiliation representing the retail and wholesale group grocers that comprise the unbiased sector of the meals distribution trade. An unbiased retailer is a privately owned or managed meals retail firm working a wide range of codecs. The unbiased grocery sector is accountable for about 1.2 % of the nation’s general economic system and is accountable for producing greater than $250 billion in gross sales, 1.1 million jobs, $39 billion in wages and $36 billion in taxes. NGA members embrace retail and wholesale grocers positioned in each congressional district throughout the nation, in addition to state grocers’ associations, producers and repair suppliers. For extra details about NGA, go to www.nationalgrocers.org.
