Bringing Fairness to Swipe Fees for Oklahoma Small Businesses and Consumers

Oklahoma lawmakers are introducing SB 1940 and SB 2102 to prohibit card networks from charging swipe fees on taxes and gratuities when you pay with a credit card. Every time a purchase is made via credit
card, big banks and payment networks take a cut, further burdening Oklahoma small businesses
With Visa and Mastercard controlling over 80% of the credit card processing market, Oklahoma businesses are trapped paying inflated fees that drain money out of our local economy.
It then gets sent straight to Wall Street instead of supporting hardworking Main Street businesses.
By changing the way swipe fees are applied to local taxes and gratuities, this legislation will bring local businesses immediate relief through targeted reform.

Join us and vote YES on SB 1940 and SB 2102 to keep Main Street dollars out of Wall Street hands.

What SB 1940 Covers
​End Fees on Taxes and Gratuities: This bill is laser-focused on eliminating hidden fees from sales tax and gratuities.
 
Merchants: Local merchants will see reduced card processing costs thanks to the elimination of interchange fees on sales tax and gratuity amounts – that’s money that could be reinvested in better wages and business growth.
 
Payment Card Networks: Prohibited from raising other fees or adding surcharges to avoid loopholes. Card networks must rebate the merchant an equal amount of swipe fees attributed to sales tax and gratuity on the transaction within 90 days and within 30 days after documentation is submitted by the merchant.
 
Clear Enforcement: Creates clear private enforcement mechanisms and financial penalties for noncompliance.

What SB 2102 Covers
End Fees: This bill is a broad measure that reforms how interchange fees are set or applied, prohibits fee fixing, restricts certain issuer and network practices, requires disclosure of swipe fee amounts and prevents merchants from being penalized for offering payment discounts.
 
Merchants: Local merchants will see reduced card processing costs thanks to the elimination of interchange fees.  It also ensures they aren’t penalized for offering discounts for lower-cost payment methods.
 
Payment Card Networks & Issuers: Required to stop fixing or charging certain swipe fees (from penalizing merchants to offering payment discounts) and must meet new disclosure requirements regarding swipe fee amounts. The bill also prohibits networks/issuers from using fee schedules that have been fixed or coordinated.
 
Clear Enforcement: Authorizes the Attorney General to enact rules and bring civil actions, establishes civil penalties and creates clear mechanisms for enforcement and compliance.