CHICAGO – “How much more do we need to pay in credit card fees until every retailer in America is part of our coalition?” asked 2007-2008 NACS Chairman of the Board Richard Oneslager, imploring State of the Industry Summit attendees to contribute to the NACS Interchange Action Fund.
Oneslager kicked off the 2008 NACS State of the Industry Summit in partnership with CSP by sharing the one number he wanted attendees to remember: $7.6 billion in credit card fees.
“A cool one billion more than last year – and twice our total industry profit,” said Oneslager, of the industry’s 2007 credit card fees.
“We’re not going to outspend [Visa and MasterCard]. The only thing we can do is outwork them,” said Oneslager. “And this is where you come in.”
Oneslager asked retailers to do three things to help with the fight:
1. Send an e-mail to CountMeIn@nacsonline.com to offer support to fight outrageous interchange fees. NACS will respond soon with details.
2. Write a check to the NACS Interchange Action Fund – for any amount, “whether $20 or $20,000.”
3. Call your local congressman to explain the issue, and your support for House Bill 5546 – The Credit Card Fair Fee Act. “This is the most important thing – this is where we can win. They need to understand that the credit card fees are driving a stake through the heart of small business in America. Members of Congress need to hear that – over and over again. From me, from NACS and from you,” said Oneslager.
Oneslager also urged suppliers to get involved. “Your success depends on the success of this industry. I want your congressmen to hear from you that you call on 50 different retail customers – and every one of them tells you that their number-one issue is interchange fees,” said Oneslager. “It’s going to have a big impact when suppliers call their congressmen.”
“We can do this. We must do this. And we need your help,” concluded Oneslager.
The NACS State of the Industry Summit in partnership with CSP concludes today. Look for more coverage in Monday’s NACS Daily and in the June NACS Magazine.