Soaring Credit Card Transaction Fees Squeeze Independent Businesses

Date: 5 May 2009 | posted in: Banking, Retail | 8 Facebooktwitterredditmail

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.  … Read More