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