Retailers Protest ‘Swipe Fees’ | Hartford Business


Local retailers and restaurants want Congress to address the rising costs associated with accepting credit- and debit-cards — commonly known as interchange or “swipe” fees — that eat into the hard-earned profits of small businesses.

The interchange fee, which range from 1 percent to 3 percent of the transaction, is designed to cover the cost of electronic processing of the payments. But fees have become a major source of profits — to the tune of $48 billion annually — for the banks that issue credit cards

via Retailers Protest ‘Swipe Fees’ | Hartford Business.

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