Dear members of the premium cigar community,
We are writing to alert you about an important legislative initiative that could have a significant impact on the credit card processing fees paid by cigar shops, lounges, and manufacturers across the country.
As you may know, the credit card industry is currently dominated by a small number of major networks, which have significant market power and can dictate the terms of their agreements with merchants. This has led to high swipe fees and limited competition, which can be particularly challenging for small businesses with limited resources.
However, there is hope on the horizon. The “Credit Card Competition Act,” a bipartisan bill that was considered by Congress in 2022, and will likely be re-introduced this year, aims to increase competition in the credit card processing industry by requiring credit cards to operate on more than one network option to route financial data, similar to the rules that already apply to debit card transactions.
This important legislation has the potential to foster competition and security in the payments ecosystem, bringing down the cost of swipe fees and encouraging innovative services and fraud protection. If passed, this bill will reduce one of the highest recurring costs for every single cigar shop, lounge, and manufacturer that accepts credit cards.
We urge you to take action and contact your representatives in Congress to support the “Credit Card Competition Act.” With your help, we can make sure that the cigar industry is not burdened with unnecessarily high processing fees, allowing businesses to reinvest in their operations and continue to provide high-quality products and experiences for their customers.
Click the link below to take action on this important legislation. Thank you for your support and advocacy on this important issue.