Credit Card Competition Act of 2023 Update

The U.S. Senate did not vote on the Credit Card Competition Act of 2023 before its month long August recess, but leadership promises a vote this year. This act is important to independent restaurants and retailers as it is intended to incentivize lower processing costs. But will it really work to save restaurants money?

Generally, competition acts aim to promote fair competition in the market, prevent monopolistic practices, and protect consumers and businesses from anti-competitive behavior. There are pros and cons to this bill and it is not entirely clear who the competition will come from. However, the overall consensus is that this act, if passed, will benefit independent restaurants. 

The National Restaurant Association provided a FACTS SHEET on the act, which provides a quick overview of the details of the act and how restaurants will benefit. Additional information about the pros and cons of the bill can be found in this Financebuzz article which digs deeper into the details and potential outcomes of the bill. The full bill and its details can be found here on the congress.gov website. 

As this bill affects all of our customers, we will keep an eye on it. Please email me if you have any questions and I will continue to provide updates as I learn more.