Cherry Valora-Colton: 'While some say this is just the cost of doing business, [swipe] fees are becoming exorbitant. Card processing fees totaled over $130 billion in 2021 — up 24% over the last year.'
I see the very real consequences of this every day at my stores. Swipe fees are a significant financial burden for small business owners, making it more difficult to invest in my businesses or provide jobs within the local Vernal community. While some say this is just the cost of doing business, the fees are becoming exorbitant. Card processing fees totaledin 2021 — up 24% over the last year. As the country combats inflation, we can expect to see that total number increase.
Of course, my business is not the only one bearing the added costs of these swipe fees. The convenience store industry at large — which is largely made of small businesses like mine — was forced to handin card fees in 2021. For the average 7-Eleven store, that means roughly $85,000 a year into the pockets of Visa and Mastercard, and not into jobs or economic impact for my community. Today, these fees are now our second highest operating cost, beating out rent and utilities.
Luckily, Congress is working to reduce the burden of swipe fees by introducing competition into the marketplace. Lawmakers on both sides of the aisle havethe bipartisan Credit Card Competition Act, which would require credit card-issuing banks to offer other networks for processing credit transactions. Increased competition will help to reduce fees and reduce the significant grip that Visa and Mastercard have on the industry.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
From Colorado Cherry Co. to Legacy Pie, four-generation business evolves to next levelA family business that started with a roadside pie and cider stand in southeastern Wisconsin and grew into a well-known northern Colorado attraction is evolving again. The fourth generation is lead…
Leer más »
First Look: Cretans Brings the Mediterranean to Cherry CreekAll of the food concepts inside the Clayton Hotel have been revamped.
Leer más »
Update: BTS’s RM Unveils Mesmerizing Teaser For Upcoming “Indigo” Title Track Featuring Cherry Filter’s Cho YoujeenUpdated December 1 KST: BTS’s RM has released a cinematic new clip to tease his upcoming song with Cho Youjeen, the vocalist of rock band Cherry Filter! Updated November 25 KST: BTS’s RM has unveiled the track list for “Indigo,” his upcoming solo album! “Indigo” includes a total of 10 tracks, with features from artists
Leer más »
Mickey and Minnie Mouse Will Lead the 2023 National Cherry Blossom Festival’s ParadeYes, we're already talking about the Cherry Blossom Festival 🌸
Leer más »
No longer the fringe: Small-town voters fear for AmericaA word -- “Hope” -- is stitched onto a throw pillow in the little hilltop farmhouse. John Kraft loves this place. It’s a dark place, dangerous, where freedom is under attack by a tyrannical government, few officials can be trusted and clans of neighbors might someday have to band together to protect one another.
Leer más »