Next week, members of OHI (Outdoor Hospitality Industry) leadership along with 14 campground members from across the country will join forces with the Merchant Payments Coalition in Washington, D.C., to advocate on Capitol Hill for the Credit Card Competition Act – legislation that will provide competition in the credit card swipe fees marketplace and ultimately save small businesses like RV parks and campgrounds thousands of dollars.
During a hearing of the Senate Judiciary committee on Nov. 19, Chairman Dick Durbin of Illinois warned the credit card industry that “…help is on the way (for small business owners). In July of 2022, I joined my colleague Senator Roger Marshall to introduce the bipartisan Credit Card Competition Act. The Credit Card Competition Act would break the Visa-Mastercard stranglehold on the market by requiring only the largest banks — those with more than $100 billion in assets — to enable two networks on their cards, and one must be a company other than Visa or Mastercard. In this way, small businesses would finally have a real choice.”
Visa and Mastercard’s market dominance and network structure have allowed them to impose some of the highest fees on U.S. merchants globally, totaling over $100 billion in credit card fees in 2023 — most of which directly impact small, family-owned businesses like OHI members. These fees consist of interchange fees, which small businesses pay to issuing banks and network fees, paid directly to Visa and Mastercard. Ultimately, these costs are passed on to consumers through higher prices for goods and services.
The OHI delegation will meet with Senators from Alaska, Connecticut, Florida, Illinois, Indiana, Louisiana, Minnesota, Mississippi, New Jersey, New York, Ohio, Oregon, Pennsylvania, Utah, Tennessee, Texas and Wisconsin.
In the new year, the Senate will reconvene to consider the Credit Card Competition Act. OHI’s timely advocacy during the lame duck period will play an important role in shaping their perspective of both credit card swipe fees, and the outdoor hospitality industry broadly.
“In advocating for the Credit Card Competition Act, our goal is to support legislation that promotes fairness and helps our industry thrive,” said OHI President and CEO Paul Bambei. “As the national voice of the Outdoor Hospitality Industry, we’re committed to representing our members’ interests and ensuring their concerns are heard in Washington. We’re proud to stand with our members and give them a powerful voice on Capitol Hill.”
