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Patti Riordan - 1 they’ve - 1 Ms - 1 Riordan - 1 Nilson - 1
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Lancaster , Ohio
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☆ As Cash Fades, Small Retailers Embrace Efforts to Rein In Swipe Fees
  + stars: | 2024-11-30 | by ( Danielle Kaye | ) www.nytimes.com   time to read: +1 min
Credit and debit card fees were always a big business expense for Patti Riordan, who owns a hobby shop in Lancaster, Ohio. Now, so-called swipe fees are her third biggest expense, behind payroll and rent, amounting to roughly $18,000 a year. “There is no room to pay more — we’re just operating so thin,” Ms. Riordan said. Debit and credit card fees are among the top monthly expenses for many small businesses, which say the costs are becoming more onerous as fewer consumers carry cash. When they swipe a credit card, businesses pay fees to the bank that issues the card, to the payment network and, often, to companies like Toast and Square that help process the transaction.
Persons: Patti Riordan, they’ve, Ms, Riordan, Nilson Organizations: Visa, Mastercard Locations: Lancaster , Ohio
☆ How small businesses are fighting inflated credit card swipe fees
  + stars: | 2023-02-09 | by ( Kristina Partsinevelos Cait Freda | Kristina Partsinevelos | Cait Freda | ) www.cnbc.com   time to read: +5 min
"We have a nice little sign in front of our register that says 'Hey, credit card fees, they cost us a lot of money,'" Victor Garcia, longtime owner of Sol Dias, told CNBC. CNBC | Cait FredaThe swipe fees aren't new, but the worsening problem comes at a time when Main Street businesses across the country are increasingly struggling with changing macroeconomic conditions. Although the central bank does not conduct the same survey for credit card transactions, the processes used for debit and credit cards are similar. Meanwhile, credit card fees amount to the third-highest operating expense on average for restaurants, according to the Texas Restaurant Association. The European Union cracked down on similar increases, capping fees in 2015 at 0.2% for debit card purchases and 0.3% for credit card purchases.
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