Processing credit card transactions is one of the largest operating expenses for restaurants, behind food and labor. These “swipe fees” have more than doubled over the past decade, costing U.S. businesses more than $160 billion in 2022. 

Just two credit card companies control 80% of the credit card processing market. This lack of competition between the major credit card processing networks is why swipe fees continue to skyrocket.

That’s why the Association supports the Credit Card Competition Act (CCCA), which would require at least two competing processing networks to be enabled on every credit card. By enhancing competition in the market, this bipartisan legislation would drive down swipe fees, improve security and service, and save businesses – including restaurants – and consumers an estimated $11 billion a year.

The restaurant industry urges Congress to pass the Credit Card Competition Act to stem rising swipe fees.