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Featured Article filed under Independent Business | Written by Stacy Mitchell | 2 Comments | Updated on Oct 22, 2012

Six Small Business Issues at Stake in this Election

The content that follows was originally published on the Institute for Local Self-Reliance website at http://ilsr.org/small-business-issues-stake-election/

Here’s a look at six small business issues at stake in next month’s federal and state elections, including bank reform, corporate tax advantages, getting corporate money out of politics, capping credit card fees, and creating preferences for local businesses in government purchasing. Continue reading

Article filed under Independent Business | Written by Justin Dahlheimer | No Comments | Updated on Nov 23, 2009

GAO Report Confirms Need for Regulation of Credit Card Processing Fees

The content that follows was originally published on the Institute for Local Self-Reliance website at http://ilsr.org/gao-report-confirms-need-regulation-credit-card-processing-fees/

Credit card processing is not only highly concentrated – MasterCard, Visa, and American Express control 93 percent of the market – but competition among the card processors tends to raise, not lower, the fees they charge merchants, according to a new report from the U.S. General Accounting Office.  Continue reading

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Article filed under Banking, Independent Business | Written by Stacy Mitchell | 8 Comments | Updated on May 5, 2009

Soaring Credit Card Transaction Fees Squeeze Independent Businesses

The content that follows was originally published on the Institute for Local Self-Reliance website at http://ilsr.org/soaring-credit-card-transaction-fees-squeeze-independent-businesses/

Independent businesses are largely at the mercy of Visa and MasterCard when it comes to the fees they must pay every time they swipe a credit card.  These fees, which are ultimately passed on to consumers in the form of higher prices, have soared from $27 billion in 2004 to $48 billion last year (or $427 per household). Recognizing the tremendous market power held by card processors, many countries now regulate credit card transaction fees, setting them at rates as low as one-sixth of what U.S. businesses pay.  Continue reading

Article filed under Independent Business | Written by Stacy Mitchell | No Comments | Updated on Jun 29, 2005

Suit Charges that Visa and MC Squeeze Small Retailers

The content that follows was originally published on the Institute for Local Self-Reliance website at http://ilsr.org/suit-charges-visa-and-mc-squeeze-small-retailers/

A lawsuit filed this month alleges that Visa and MasterCard illegally fix the price of fees that small retailers pay for credit card transactions. Continue reading