Food & Food Equipment News: Supermarkets Call For Interchange Swipe Fee Reform Amidst Debit Card Fee Increases


As millions of hardworking Americans pay their income taxes today, it is important to recognize that every year the average American family also pays more than $400 in interchange fees, or swipe fees, to banks and credit card companies.

Beginning tomorrow, Interlink, the personal identification number (PIN) debit network run by Visa, will increase by nearly 30 percent the swipe fees retailers have to pay when customers use PIN debit cards.

“It is unacceptable that Visa continues to increase fees at a time when our country needs to protect the hardworking Americans who provide jobs in our communities,” said Leslie G. Sarasin, president and chief executive officer at the Food Marketing Institute. “Swipe fees are hurting small independent businesses and grocers the most because they pay some of the highest rates and have no choice about whether or not to accept debit cards to remain competitive.”

via Food & Food Equipment News: Supermarkets Call For Interchange Swipe Fee Reform Amidst Debit Card Fee Increases.

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