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Featured Article filed under Independent Business | Written by Olivia LaVecchia | No Comments | Updated on Aug 14, 2017

Visa Wants to Rule How We Pay for Purchases. But Its Market Power Has a High Cost.

The content that follows was originally published on the Institute for Local Self-Reliance website at https://ilsr.org/visa-wants-to-rule-how-we-pay-for-purchases-but-its-market-power-has-a-high-cost/

Visa has a new initiative that’s aimed at expanding its market power by going after cash transactions, and it says, creating “a culture where cash is no longer king.” What’s left implicit is that, instead, Visa wants to rule. But the dominance of Visa, along with Mastercard and the big banks that issue most credit cards, comes with high costs for small business owners and consumers.
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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 https://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