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