To say that swipe fees are significantly hindering normal operations of my business, would be an understatement. In fact, I pay close to $20,000 a year in swipe fees.
So when Congress passed and the president signed swipe fee reform into law last year, I was pleased. Fair debit card swipe fees would enable me to pay my staff competitive salaries; maybe hire an additional worker and allow me to continue investing in my community.
But recently Senator Jon Tester introduced legislation to delay this critical reform, a move that would have cost small business owners millions of dollars each day that reform was postponed.
While the proposal was on the table, I worried that with any further delay I face a series of tough decisions: cutting an employee, paying less competitive wages, and even worse, reducing my community involvement.
Thankfully, Congress stood behind the millions of small business owners like me, and voted to preserve commonsense swipe fee reform. As a result, we are poised to see new rules take effect next month that will change the way we do business – with benefits for businesses and consumers alike. I would like to extend my sincere thanks to Congress for making the right decision on this one.
Alan Dumain
Richmond Hill
Owner of two 7-Eleven franchises in Forest Hills
