Swipe fees have long been a point of contention for retailers. Amid soaring inflation, merchants say they are particularly burdensome.
Swipe fees, which are charged to merchants each time a customer uses their card, have long been a point of contention for retailers.
But consumer use of credit and debit cards actually saves merchants money, according to Jeff Tassey, chair of the Electronic Payments Coalition. for credit and debit cards combined, and have more than doubled over the past decade. When the National Retail Federation first started tracking swipe fees collected by Visa and Mastercard in 2001, they amounted to roughly $20 billion.
"It's one of these costs of doing business," said Ted Rossman, a senior industry analyst at CreditCards.com.
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