“Swipe fees” are charges levied by major card companies on small businesses. These expenses are paid to allow customers to use their debit cards. New federal limits have changed the way that businesses can be charged for each swipe.
Money and Markets correspondent Amber Dakar explains how new government regulations have added firm caps on swipe fees. December 2011 legislation reduced charge caps by over 50%. This video discusses the proposed advantages of keeping and repealing the new cuts.
Credit and debit card processors have little motivation to keep their clients up to date with new Federal statutes. Diligent professionals from Merchant Advocate will work to update your business with relevant information to minimize costs. Call (732) 727-2073 for more information.