“Swipe fees have spiraled out of control for small businesses, including your locally owned grocery store. Despite the fact that the cost of processing these transactions has decreased, swipe fees have tripled in the past decade for small businesses.
Visa, MasterCard and the world’s biggest banks are spending billions of dollars to protect their unfair and highly lucrative status quo. Yet, nothing is more frightening to small businesses than an unpredictable cost increase that is not budgeted for, especially when the increase is excessive.
Bipartisan swipe fee reforms passed by Congress last year will bring competition and fairness to the broken debit payments market. We strongly urge members of Congress to stand up for small businesses by ensuring these reforms are implemented on time and as written.”
Food Marketing Institute proudly advocates on behalf of the food retail industry. FMI’s U.S. members operate nearly 40,000 retail food stores and 25,000 pharmacies, representing a combined annual sales volume of almost $770 billion. Through programs in public affairs, food safety, research, education and industry relations, FMI offers resources and provides valuable benefits to more than 1,225 food retail and wholesale member companies in the United States and around the world. FMI membership covers the spectrum of diverse venues where food is sold, including single owner grocery stores, large multi-store supermarket chains and mixed retail stores. For more information, visit www.fmi.org and for information regarding the FMI foundation, visit www.fmifoundation.org.
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