The fight over credit card swipe fees enters a new year with no end in sight [MSNBC.com]
Mastercard Incorporated (MA)
Last mastercard incorporated earnings: 4/29 08:00 am
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Source: MSNBC.com
Many small businesses are breathing a bit easier as inflation has cooled and the race for workers slows. But consumers’ steady embrace of credit cards is taking a growing bite out of their margins.Gene-Christian Baca, the owner of Walter’s Hot Dogs in Marmaroneck and White Plains, , estimated that he now pays about $50,000 a year in costs associated with processing credit card transactions, a sum he says has ballooned with rising card processing rates and more customers paying with cards over cash.“Every year, 3% of all of our sales is washed away just to credit card processing,” he said.Merchants have long shouldered these “swipe fees,” the catchall term for businesses’ payments to banks and card companies each time customers swipe. While a federal rule caps debit card swipe fees at 21 cents per transaction, those for credit cards can be much higher.And as many shoppers ditched cash for plastic cards or mobile payment apps, businesses have seen credit card transactions swell. They ma
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MA
Earnings
- 11/1/24 - Beat
MA
Sec Filings
- 12/9/24 - Form 4
- 11/13/24 - Form 8-K
- 11/12/24 - Form 144
- MA's page on the SEC website