The House Financial Services Committee passed the Financial CHOICE Act (H.R. 10) out of Committee. The next step is for members of the House to vote on it. Contact your Representatives ASAP (they’re home in their districts the week of May 8). Tell them how debit swipe fee reform has helpedyour business and your customers. Urge your Representatives to tell House leadership you oppose the repeal of the Durbin amendment/swipe fee reform in H.R. 10. Make sure they understand this reform benefits you, your customers, THEIR constituents, not just the big box retailers.
Take a minute to calculate the savings you’ve realized since the debit swipe fees were capped 5 years ago. Aside from capping the fees banks could charge, the reform also provides transparency and competition in the marketplace. Think about the positive effects this savings has had on your business. Maybe you’ve expanded your business, hired new people, offered more value to customers–these are the tangible results your Representatives need to hear. They need to hear about the savings you pass on to consumers while banks and debit card processors are trying to gobble up more profits from retailers who accept their payment process (because that’s what the customer wants) instead of checks or cash. Make the call to prevent the repeal of debit swipe fee reform.