The time to act is now. We urge Senators Dick Durbin (D-IL) and Roger Marshall, M.D. (R-KS), along with the U.S. Senate, to expand the bipartisan Credit Card Competition Act to ensure transparency and fair pricing in all payment processing, including credit cards and ACH transactions.

Small businesses, nonprofits, and churches are being overcharged for payment processing, with some paying up to 10 times more than other industries. The lack of transparency in pricing models allows processors to hide excessive markups and fees, particularly harming organizations with limited resources. Consumers who prefer lower-cost payment methods are also unfairly subsidizing those who use high-fee credit cards.

We propose the following additions to the Credit Card Competition Act:

Implement Processing Cost Transparency (PCT):

• Require all payment processors to clearly disclose:
•    Interchange fees for credit card transactions
•    Processor's markup
•    Any additional fees or charges
• Mandate that processors provide at least one quote in the form of interchange-plus pricing for credit cards and a detailed breakdown of costs for ACH transactions. This would allow businesses to compare processors and their fees on an "apples-to-apples" basis, empowering them to make informed decisions.
• An excellent model for what these disclosures could look like already exists in the industry. CardFellow.com provides a comprehensive and transparent breakdown of processing costs, including interchange fees, markups, and additional charges. Their approach demonstrates that it's possible to offer clear, detailed information about payment processing costs in a way that's both informative for businesses and feasible for processors. By adopting a similar model industry-wide, we can ensure that all businesses, including nonprofits and churches, have access to the information they need to make informed decisions about their payment processing options.

Address ACH Processing Fees:

• Require processors to disclose the actual costs of ACH transactions, which are often minimal.
• Prohibit excessive markups on ACH transactions, which currently can be as high as 1% despite low processing costs.

Protect Vulnerable Sectors:

• Implement measures to prevent overcharging of nonprofits, churches, and small businesses.
• Require processors to offer fair, transparent pricing to these sectors.

Incentivize Lower-Cost Payment Methods:

• Encourage the use of lower-fee payment options by requiring large companies to offer discounts for debit card or ACH payments.

By signing this petition, you are supporting:

• Fair and transparent pricing in payment processing
• Protection for small businesses, nonprofits, and churches from excessive fees
• Increased competition in the payment processing industry
• Empowering businesses and organizations to make informed decisions about their payment processing options

Expanding the bipartisan Credit Card Competition Act to ensure transparency and fair pricing in all payment processing is critical because:

1. The Act is under still under consideration, offering a unique reform opportunity.
2. Without addressing transparency and ACH fees, the bipartisan Credit Card Competition Act will simply increase card processor margins instead of saving consumers money and reducing costs for small businesses
3. Digital payments continue to grow rapidly.
4. Small businesses, nonprofits, and consumers face excessive fees.
5. The credit card market duopoly led to $93 billion in fees in 2022.
6. Swift action can prevent further harm, set new fairness standards, and serve all Americans' interests.