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Cap on credit card swipe charges brings a smile to the face of business owners
[12:00:00 AM Saturday, June 25, 2011]
Finally, businesses can heave a sigh of relief. Their unrelenting efforts have finally paid off with the United States Senate approving the Federal Reserve move to place an upper limit of the swipe fees charged to retailers each time their customers use credit card to pay for various products and services. While retailers are applauding the move, the banks are not a happy lot since this means a significant loss to their revenue. The revenue of the banks that fell significantly with the implementation of CARD Act is going to dip further with the implementation of this move which comes into effect from the following month.
The CEO and President of Bardenay Restaurants and Distilleries, Kevin Settles, said that every retail business owner will surely be impacted by this move. He also said that though 44 cents may not seem to be much to an outsider, it means a lot to the businesses since almost every customer today prefers to use either their debit or credit card to make payments. Settles also says that the swipe fees was among the largest expenses that businesses had to bear and this did impact the overall revenue of the retailer.
While large retail houses did manage to negotiate with the banks about lowering the swipe fees, small retailers were void of this opportunity. But, with this new move coming into play, all retailers stand to gain, irrespective of the size of their business.
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