ALEXANDRIA, Va. The National Association of Chain Drug Stores lauded an amendment that seeks to ensure that interchange “swipe fees” that small businesses and retailers are charged for accepting debit cards are “reasonable and proportional” to the costs incurred by financial entities, the pharmacy group said Monday.
The Restoring American Financial Stability Act of 2010, introduced by Senator Majority Whip Richard J. Durbin, D-Ill., not only will permit retailers the option of offering customer discounts and consumer incentives for those who pay in cash or other debit or credit means, it also will task the Federal Reserve with enhanced regulatory powers over some interchange swipe fees.
NACDS has partnered with other organizations to urge for congressional action on the interchange swipe fee issue.
“On behalf of the NACDS retail members, I want to thank the amendment’s co-sponsors, Senators Durbin, Sanders, Cardin and Specter, for leveling the economic playing field for merchants and consumers,” said NACDS president and CEO Steve Anderson. “This has been a top priority for the retail community for some time, and the Senate’s action is a positive step forward for fairness for consumers and retailers alike.”