Entrepreneur.com Daily Dose – Warning Higher Credit Card Swipe Fees Ahead


Just what small businesses need right now: higher fees for accepting credit cards. Apparently, a settlement with the European Union to cap fees at a lower rate may see banks making up their losses by hiking rates here in the States, a retail trade group is forecasting.

The organization of major retailers, the Retail Industry Leaders Association, notes U.S. fees have tripled since 2001 to $48 billion, putting a damper on hiring. Last month alone, American swipe or “interchange” fees rose 30 percent. Now, charge-card issuers such as Visa and MasterCard need to make up their losses abroad somewhere…and the RILA fears that means in your merchant banking bill.

READ ARTICLE via Entrepreneur.com Daily Dose – Warning Higher Credit Card Swipe Fees Ahead.

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