Promoting the Importance of Debit Reforms in Your Networks

By: Leslie G. Sarasin, President and CEO, Food Marketing Institute  

We live in a transformational time where social media can be used to share information widely, spark conversations on even the most unusual issues, and reach audiences previously outside our reach. We have available tools such as Facebook, Twitter and blogs to share information, news and developments with both our industry colleagues and our customers. We also use these forums to learn what is on the minds of our shoppers. Thanks to modern technologies, engaging with customers, friends, elected officials and the media has become much easier, more efficient and more powerful. 

In the midst of this time of advancement, Congress seeks to repeal the 2010 debit reforms that have resulted in consumer savings of more than $30 billion. Repeal would remove competition from the debit card networks and increase hidden swipe fees, even though U.S. merchants already pay $79 billion annually, more than any country in the world.

Retailers can use social media as a powerful driver to share their perspectives on the impact these hidden swipe fees have on their business operations, and we know that for some, these fees constitute one of their highest operating expenses. To assist FMI members in our collective advocacy efforts on this topic, I created a video we will share via social media. I encourage FMI members to use the tools right at your fingertips to engage in the dialogue about this issue, both on social media and throughout your networks. You too can make a short video to tell your story about how swipe fees have affected you and your business. In addition, contact your legislators and tell them how important it is to preserve these sensible debit reforms. For more information on debit routing and swipe fees, visit www.unfairswipefees.com.