Small Business Owners Rejoice: Mastercard and Visa Settle Anti-Trust Lawsuit, Lowering Credit Card Fees

Tulsa Business Believes Visa and Mastercard Settlement Could Provide Relief for Small Businesses

In recent news, Mastercard and Visa have reached a $30 billion settlement in an anti-trust lawsuit that will result in lower fees for small businesses when customers pay with a credit card. This is good news for small business owners like Ashley Ryan, who owns Stash Apparel and Gifts on Brookside.

Small businesses are required to pay a percentage of each transaction back to credit card companies whenever customers use a card to make a purchase. Most customers prefer paying with a credit card due to the convenience and rewards associated with it. However, businesses like Ryan’s pay about 3 to 4 percent for each transaction, which can add up significantly over time. The financial strain that credit card fees place on businesses can be overwhelming, especially for small businesses with already high expenses.

Ryan emphasizes the importance of this development for her business and the community. She notes how the preference for card payments among customers has a significant impact on local expenses, as higher fees translate to more expenses for businesses. With expenses already high for small businesses, any opportunity to save money is seen as beneficial.

The approved settlement will impose a cap on the fees businesses pay until 2030, at which point both parties will have the opportunity to renegotiate. This development is expected to provide relief to small businesses like Ryan’s, allowing them to operate more efficiently and competitively in the market. Despite the challenges that come with running a small business, Ryan remains optimistic about the positive changes that lower credit card fees can bring to her business and the community.

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