“TAKING A swipe at card processing fees’’ failed to mention the myriad benefits that merchants receive by accepting credit cards, and how proposed legislation would hurt consumers and credit unions like mine.
Merchants receive benefits when they choose to accept cards, such as payment that is guaranteed and nearly immediate. Many studies have also shown that accepting cards leads to higher sales. As The New York Times recently reported, New York City cab drivers have seen revenues increase by 13 percent and average tips, which were about 10 percent before cards were widely accepted, have risen to 22 percent when customers pay with cards.
Additionally, artificially lowering interchange fees could force credit unions like mine to either raise fees for our members, or possibly stop offering credit cards. All we ask is for merchants to pay their fair share in a system that brings them clear benefits.
I urge members of Congress to oppose this legislation.
ROBERT M. CASHMAN
The writer is CEO of Metro Credit Union.