sa国际传媒官网网页入口

The coffee shop in Truth or Consequence, the restaurant in Farmington, the bookstore in sa国际传媒官网网页入口 鈥� each of these businesses is getting squeezed by rising costs. But there鈥檚 one cost that consumers may not notice: credit card swipe fees.

Swipe fees, also known as interchange fees, are paid by a business to the processing network so the money can be digitally transferred from the customer to the business. In today鈥檚 digitized economy, swipe fees are a necessary evil for small businesses to accept payment. However, there are two giant processing networks in the U.S. that largely provide this service, and they get to set the price however high they want. And these swipe fees have significantly increased over the years, costing small businesses and consumers hundreds of billions of dollars annually.

Thankfully, a bipartisan bill has been introduced in Congress that would give Main Street New Mexicans much-needed relief. The Credit Card Competition Act, S.3623, would allow for more processing networks, encouraging competition between credit card companies and lowering these unruly swipe fees. With more options to choose from, businesses can select the best network for their needs, and credit card networks will continue to be compensated for the transactions they facilitate. A recent National Federation of Independent Businesses survey found that 92% of our small business owner members鈥痓elieve they should be able to pick the credit card networks that process their transactions.

Unfortunately, some of our state鈥檚 business organizations have sided against this critical reform based on misleading claims peddled by the very industry that gains the most from the lack of competition. The credit card industry and its big banking partners claim that competition will increase their costs, ultimately jeopardizing the points and rewards programs that consumers enjoy. Without these rewards programs and points, the business groups warn, New Mexico will have fewer tourists and less consumer spending.

That鈥檚 nonsense. Giving small businesses the right to choose between multiple credit card processing networks has nothing to do with those points and reward programs. Used as a marketing tool to attract consumers, these reward programs are determined by banks, not processing networks.

There鈥檚 no question that tourism is critical to our state鈥檚 economy. Our rich culture, sights and artistic attractions draw visitors in from around the globe. But it鈥檚 our historic downtowns, like Mesilla or Raton, and the mom-and-pop shops that fill them that keep those visitors coming back year after year. Without the small businesses that provide the goods, services and experiences that can only be found here in our state, the tourism industry would crumble.

Here鈥檚 the hard truth: Every time a customer swipes their card, the small business pays anywhere from 2-4% in fees to process the transaction. Compounding those fees across every transaction takes a toll on our job creators鈥� thin margins. In 2024, the swipe fees totaled a record  billion, and they were most merchants鈥� highest operating cost after labor.

A small business owner in sa国际传媒官网网页入口 told us they paid more than $16,000 in 2025 on credit card swipe fees. That鈥檚 money they鈥檇 rather use to expand their operations and meet their customers鈥� needs.

Competition is the lifeblood of a growing economy. Increasing competition among processing networks won鈥檛 jeopardize tourism here in New Mexico. But the status quo, where Main Street continues to get ripped off by credit card companies and big banks, absolutely will.

Small businesses are counting on Congress to pass the bipartisan Credit Card Competition Act. Under this bill, credit card networks would compete for business the same way small businesses do every day throughout New Mexico. This competition would force credit card networks to set their fees according to the market, not to an arbitrary number that pads their quarterly profits. And as this cost pressure eases for Main Street, those businesses, the communities they serve 鈥� and, yes, the tourist industry 鈥� will thrive.

Jason Espinoza is the state director for the National Federation of Independent Business in New Mexico. Carol Wight is the CEO of the New Mexico Restaurant Association.