Small Businesses Face Credit Card Costs
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card swipe feesNBC News
•Business
Business & Economics
The fight over credit card swipe fees enters a new year with no end in sight
84% Informative
Visa raised two of the credit card swipe fees it charges banks and processing companies on Jan. 1 .
Merchants paid an average of 2.26% in swipe fees for transactions using the Visa and Mastercard networks in 2023 , Nilson Report says.
Visa accounted for 52% of credit card spending on the four major card networks in the U.S ..
Consumer experts recommend using cash for small transactions and using rewards cards.
Phone transactions often result in a higher fee for businesses due to security risks.
The fight over swipe fees has reached Congress .
The Credit Card Competition Act , a bipartisan bill spearheaded by Sens. Dick Durbin and Roger Marshall , has stalled.
VR Score
87
Informative language
87
Neutral language
48
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semi-formal
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English
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43
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7
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