NACS is endorsing proposed legislation that addresses credit card interchange fees. U.S. House Judiciary Committee Chairman John Conyers (D-MI) and Representative Chris Cannon (R-UT) are expected to introduce the Credit Card Fair Fee Act next week.
"As entrepreneurs and businessmen, we want market-based solutions to our issues. The Credit Card Fair Fee Act is the free-market solution to the battle over interchange rates," Richard Oneslager, NACS chairman, told NACS Daily.
NACS issued the following Action Alert to retail members on Thursday:
The most important action you can take in the short term is urging your representatives in Congress to support the legislation, with special emphasis on Republican members.
Our opposition has unlimited financial resources to fight us, and our strength is in our numbers and that we are right. Congress must hear overwhelmingly from constituents supporting this legislation for it to move — and they must hear now.
Right now, phone calls are preferable to letters. Call the Capitol switchboard at (202) 224-3121 and ask for your representative by name. When you are connected to the office, state your name and company and that you are calling to urge your representative to co-sponsor the "Credit Card Fair Fee Act" (a bill number has not been assigned yet). Be sure to state the following:
1. Why interchange is a big deal to you — you can't negotiate how much rates have gone up…just tell your story.
2. Emphasize that you only want the ability to negotiate fair market interchange rates and rules — a free-market solution.
3. To co-sponsor the bill, have your representative contact Rep. Chris Cannon (if he/she is a Republican) or Chairman John Conyers (if he/she is a Democrat).
4. If your representative has additional questions, refer them to Lyle Beckwith at NACS (703) 518-4220 or lbeckwith@nacsonline.com
To locate the name of your representative, click here.
The only message our opponent is using against us is the erroneous claim that merchants want federal price controls. This is NONSENSE. The interchange market is broken and Visa, MasterCard and their issuing banks are secretly fixing prices. What we are supporting is an open negotiation (with a fair way to resolve disputes should negotiations fail) that seeks interchange rates and rules that would exist if the market were open and competitive.
Information about the Credit Card Fair Fee Act is also available to NACS members:
For questions or comments, e-mail me or call (703) 518-4220. Furthermore, be sure to shoot me an e-mail and let me know who you contacted and the feedback you received.
That's it for this week,
Lyle Beckwith
NACS Senior Vice President, Government Relations