The Credit Card Competition Act would mandate that, for major banks, there be at least two routing networks available to retailers. Travel centers and truckstops would have a choice beyond simply Visa and Mastercard since the bill would require a smaller, competing network to be enabled on the card as well. The banks would finally be made to compete for a retailer’s business, similar to what happens with debit cards today. By allowing our industry to choose between multiple credit card processors, the legislation would save our industry an estimated $11 billion per year.
Please ask your Senators to vote in favor of the Credit Card Competition Act. . The credit card companies and the banks continue to fund marketing campaigns and advocacy efforts against retailers and merchants. It is up to retailers to urge Congress to address the duopoly in the credit card market today. Travel centers and truckstops operate in a competitive environment, and the card networks should too.