In case you've missed it, here's a look at what small businesses are saying about credit card swipe fees...
“Helping run a second-generation family-owned grocery business, I can attest that the 2% to 3% fee we pay in swipe fees is twice the profit we earn on each sale, the equivalent of a gallon of milk or a dozen eggs for every $200 of groceries.” – Melissa Kenny, executive vice president of Kenny Family ShopRites of Delaware, Wilmington, Del. (full article)
“Swipe fees are out of control and the reason is lack of competition. San Francisco-based Visa and New York’s Mastercard, which control 80% of the market between them, set the fees charged by banks that issue their cards — the same banks that refuse to negotiate when merchants ask for a break during challenging times. They also block competition by restricting processing to their own networks. It’s no wonder swipe fees have more than doubled in the past decade.” – Tara Riceberg, owner of Tesoro gift shop, Los Angeles (full article)
“Their fee is based on a percentage of the sale. So, effectively, they’re 2% partners in my business, because that’s what they take. Actually, I would say even more because they take the 2% right off the top.” – Bob Jones, president of American Sale pool and patio stores, Chicago (full article)
“If you have a friend who runs a small business, just, like, try bringing up this whole swipe fee thing and see what happens 'cause, I mean, you'll get an earful. Store owners just hate it because they end up paying so much money.” – Chris Arnold, NPR (full article)
“We have a nice little sign in front of our register that says ‘Hey, credit card fees, they cost us a lot of money.’ Last year they cost us $25,000. This year, they’re going to cost us close to $30,000. We’re just simply informing the consumer.” – Victor Garcia, owner of Sol Dias ice cream shop, Fort Worth, Texas (full article)