A recent op-ed in the Albuquerque Journal highlights the need for the Credit Card Competition Act, which would allow for more processing networks and encourage competition between credit card companies. This bipartisan bill is supported by the National Federation of Independent Businesses (NFIB) and the New Mexico Restaurant Association.

Reducing Swipe Fees

The op-ed, written by NFIB State Director Jason Espinoza and New Mexico Restaurant Association CEO Carol Wight, notes that small businesses in New Mexico are being squeezed by rising costs, including credit card swipe fees. A small business owner in Albuquerque paid over $16,000 in 2025 on these fees alone.

The Credit Card Competition Act would give small businesses the right to choose between multiple credit card processing networks, increasing competition and lowering fees. This is crucial for the tourism industry in New Mexico, which relies on small businesses to provide unique experiences for visitors.

Support for the Bill

A recent NFIB survey found that 92% of small business owners believe they should be able to pick the credit card networks that process their transactions. The bill has bipartisan support in Congress and is seen as a crucial step in helping small businesses thrive.

By increasing competition among processing networks, the Credit Card Competition Act would force credit card networks to set their fees according to the market, rather than an arbitrary number that pads their quarterly profits. This would ease the cost pressure on small businesses, allowing them to expand their operations and meet their customers’ needs.

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