NACS Applauds Congress For Protecting Debit Swipe Fee Reform

The association thanks Congress for saving consumers and retailers $8 billion per year.

June 09, 2017

WASHINGTON – Lyle Beckwith, NACS senior vice president of government relations, today released the following statement regarding the House of Representatives’ passage of the Financial CHOICE Act of 2017, while also protecting debit swipe fee reform:

“NACS applauds the fact that clearer heads in Congress have prevailed, and the House has protected debit swipe fee reform. Eliminating this reform would have been an endorsement of duopoly price-fixing of swipe fees by the credit-card behemoths and would cost consumers and Main Street retailers $8 billion per year.

“We want to thank the members of Congress who stood tall for everyday citizens and made it clear that debit swipe fee reform has been good for their constituents.  They made clear that any bill that would repeal those debit reforms cannot pass the House of Representatives.”

Many retailers use the NACS WeCare Tamper-Evident Decals to reduce the risk of skimming at fuel dispensers. The tamper-evident labels are placed on dispenser door entries, which help identify potential security breaches if skimming devices are inserted at fuel dispensers. To date, more than 3 million NACS WeCare Tamper-Evident Decals are in use at convenience and fuel retail locations in the United States. Used in coordination with the decals is the SkimDefend app, powered by Pinnacle Corporation.

Since 2008, NACS and Conexxus have offered convenience and fuel retailers the resources and tools they need to proactively initiate and maintain effective payment security procedures that help reduce the occurrence of skimming.

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