Small business owners rally in D.C.
Hundreds of small business owners wanted their voices to be heard by Congress and are standing up against card companies for charging excessive fees.
“The facts are on our side against the massive lobbying campaigns by Visa and MasterCard,” said national spokesman for Reform Swipe Fees NOW! and 7-Eleven franchise owner Dennis Lane. “All Congress needs to do now is include the provision as part of financial reform, and small businesses and consumers will see relief.”
The proposed amendment would allow retailers to decline card payments for inexpensive sales, saving retailers money on transactions where swipe fees are higher than the profit earned. Merchants will also be able to offer discounts for cash payments under the proposed amendment.
Currently, card issuers Visa and MasterCard charge roughly 2 percent every time a business accepts payment with one of their cards, according to the National Retail Federation. Over 80 percent of swipe fees collected, estimated at almost $50 billion, went to the two card giants.
By Sam Lee
Published on 21/06/2010 13:24:52