WASHINGTON, D.C. – The new Small Business – Credit Card Agreement demonstrates why Congress does not need to impose untested government mandates like the Durbin-Marshall Credit Card Mandates. Instead of jeopardizing credit card security and valuable rewards programs through government intervention, the agreement delivers guaranteed savings for America’s small businesses through a market-based solution. Reached by Visa, Mastercard, and a class of merchants—more than 90 percent of which are small businesses—late last year and recently granted preliminary approval, amounts to more than $200 billion. The agreement lowers interchange rates and expands merchant card processing options. The document below outlines the key provisions of the agreement.
