How small businesses are fighting inflated credit card swipe fees
Publishing timestamp: 2023-02-09 14:56:25
Summary
Credit card swipe fees have more than doubled over the last decade, leading some business owners to look for new ways to claw back their profits. Visa and Mastercard control 80% of the market, but a proposal in Washington seeks to force greater competition. Small businesses are struggling with rising costs and inflation, and the fees are the third-highest operating expense on average for restaurants. The Credit Card Competition Act was introduced in Congress last year, which would require credit cards issued by the largest banks to be processed through at least two different networks, potentially saving merchants and their customers estimated $11 billion a year. Electronic Payments Coalition claims the bill would affect credit card reward points and raise costs for consumers.
Sentiment: MIXED
Keywords: business, small business, economy, personal finance, mastercard inc, united states, business news, visa inc,
Source: https://www.cnbc.com/2023/02/09/small-businesses-credit-card-swipe-fees.html