FACT: This is a scare tactic. This proposed legislation has nothing to do with rewards. Banks will continue to use rewards programs to attract customers and still profit from swipe fees on purchases and from interest, overdraft, membership, and late fees. 

FACT: The payment processors already routinely raise their rates, even without this legislation. Plus, if the bill were to become law, the legislation contains a provision that makes it illegal for financial institutions to raise fees in retaliation.

FACT: Nothing changes how customers pay. One swipe, just like today in every restaurant you visit.

FACT: Merchants already pre-pay for fraud protection through existing fees, pay higher fees for card-not-present transactions where fraud occurs more often, and are always on the hook to pay chargebacks whether or not fraud was actually committed. 

FACT: Current systems already separate sales tax and tips. In fact, both Visa and Mastercard offer services that allow merchants to purchase back this “Level 2” data today. No new equipment is needed. 

FACT: Credit card companies already manage 600+ different fee rates and varying state tax systems, and are required to charge less in swipe fees internationally.