The National Federation of Independent Business (NFIB) is urging the North Carolina House to oppose a bill that would cap certain credit card-related charges at 2%. According to NFIB State Director Gregg Thompson, the bill would force many small businesses to pay higher credit card processing costs and face new regulations.

Impact on Small Businesses

Thompson stated that small business owners are already facing higher costs for labor, supplies, insurance, and utilities. The bill would add to that pressure by forcing many businesses to absorb credit card processing costs that are outside their control. The NFIB signed a letter alongside other business groups, including the North Carolina Retail Merchants Association and the North Carolina Chamber, to express their opposition to the bill.

The group also warned that the bill would create a new state system to regulate and enforce payment card transaction rules, adding mandates for businesses and fines for violations. Thompson emphasized that North Carolina’s small businesses need less red tape, not more, and that the bill would increase government involvement in private business transactions.

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