The federal government says it has hammered out the final details with Visa and Mastercard to lower credit card transaction fees for merchants, but small business advocates say the deal doesn’t go nearly far enough.
The federal government says it has hammered out the final details with Visa and Mastercard to lower credit card transaction fees for merchants, but small business advocates say the deal doesn’t go nearly far enough.
This is the best summary I could come up with:
The federal government says it has hammered out the final details with Visa and Mastercard to lower credit card transaction fees for merchants, but small business advocates say the deal doesn’t go nearly far enough.
Walmart managed to cut a deal because it had the leverage to do so, but small businesses have long maintained the fee takes money out of their pockets — and those of their customers.
“Instead, this decision caters to the banks and credit card companies who continue to report record profits on the backs of our local businesses.”
We have to pass that along to our customers… That then puts us [at a] higher price than the big corporations [so] we have to really appeal to our buyers to support us as opposed to getting it elsewhere," she said.
This week’s deal has come about because of a legal fight for more than a decade led by the CFIB that reached the first stage of resolution last fall, when rules were updated to start allowing merchants to pass on the cost of interchange fees directly to consumers.
And while Kelly is trumpeting the new fee deal as “a benefit to obviously small business owners, but for consumers as well” even he acknowledges it won’t provide any immediate relief.
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