Credit card swipe fees, averaging 2-4% per transaction, have quadrupled since 2010, costing merchants over $100 billion last year. This cost is a major burden for small businesses like Three Guys From Brooklyn, with fees jumping from $10,000 to $16,000 a month despite multiple processor switches.
Visa and Mastercard control 80% of the market, fixing fees across all issuing banks and restricting competition. The Credit Card Competition Act aims to address this by enabling fair processing options for merchants, potentially offering relief to businesses and consumers alike.
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