'UPHILL BATTLE': Small businesses deserve relief from credit card swipe fees, expert says
JW’s Food & Spirits owner Chris Weavers on why the state-mandated wage increase including for tipped workers will hurt small businesses.
Legislation was recently introduced in the U.S. Senate that will inject a dose of free market competition into—alleviating a big financial headache for small businesses. You see, every time a customer swipes, inserts, or taps a credit card to purchase anything ranging from a coffee to a television, the merchant is on the hook to pay a processing fee. Think of it as a "transaction tax" for businesses.
And these charges can add up. In 2021, businesses paid nearly $140 billion to process card transactions—a 25 percent jump from the year before. For small businesses with modest margins, the fees oftentimes account for one of the largest business expenses behind labor costs. Tack on high inflation and supply chain disruptions, and the country’sPaying a reasonable fee for services rendered is warranted. But credit card companies and big banks shouldn’t be gaming the system.
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