Big Credit Card Firms Agree to Cut Fees They Charge Merchants

Big Credit Card Firms Agree to Cut Fees They Charge Merchants

Credit Cards
September 20, 2018 • 7 min read by James Conners   Swipe, insert, or tap — sound familiar? According to recent research, 66 percent of all point-of-sale transactions are completed by card. And this number is expected to grow with technological developments and time-conscious consumers looking for the fastest payment method. Yet, there are still many businesses that don’t accept credit cards as a form of payment. Why? Because merchants are charged a fee every time consumers swipe, insert, or tap their plastic card. Recently, large credit card companies have lowered these merchant fees. This change is, of course, beneficial to business owners. And, these lower fees could also prove to be a strategic move on the part of credit card companies. What are merchant fees? Merchant fees are costs that business owners must pay to credit…
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