Small business owners across Colorado are expressing disappointment following Governor Jared Polis’ decision to veto a bill that would have provided relief from costly credit card swipe fees. The bill, which was supported by the National Federation of Independent Business (NFIB), aimed to address one of the most significant financial burdens faced by small businesses in the state.

Impact on Local Businesses

Credit card swipe fees have become a substantial expense for many small business owners, second only to labor costs. These fees, incurred when processing credit card transactions, have been a point of contention as they eat into the already tight margins of small businesses. Michael Smith, NFIB State Director, emphasized the frustration felt by business owners who see credit card companies profiting from these fees while they are tasked with collecting taxes on behalf of the government.

“It’s disappointing that Governor Polis has vetoed this commonsense reform,” Smith stated. “For many on Main Street, these fees are a significant financial hurdle, and we will continue to work with lawmakers in Denver to find a solution that provides real relief.”

NFIB’s Continued Advocacy

The NFIB, a prominent advocacy group for small and independent businesses, has pledged to continue its efforts to push for legislation that addresses the burden of swipe fees. The organization represents a wide array of small businesses across the state, all of whom are affected by the current fee structure.

As the NFIB and other business advocates regroup, the focus remains on finding a legislative path forward that can garner sufficient support to overcome any executive opposition. The goal is to ensure that small businesses, which are vital to the local economy, are not unduly burdened by fees that disproportionately impact their operations.

Original reporting: NFIB (National Federation of Independent Business) — read the source article.