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

Small Business Owners Rejoice as Visa and Mastercard Announce $30 Billion Anti-Trust Settlement: Lower Credit Card Fees and Economic Relief in the Works

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 development is a positive outcome 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. According to Ryan, most customers prefer paying with a credit card due to the convenience and rewards associated with it. Currently, businesses like hers pay about 3 to 4 percent for each transaction, which can add up significantly over time.

Ryan emphasizes the financial strain that credit card fees place on businesses, noting that the savings resulting from lower fees will be welcomed. She mentions how the preference for card payments among customers has a significant impact on the local community, 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.

In conclusion, this settlement is good news for small business owners like Ashley Ryan who face financial burden due to high credit card processing fees. The cap on fees until 2030 gives hope for relief and an opportunity for renegotiation after that period providing relief from such expenses.

Leave a Reply

MUD successfully registers Edmundo González Urrutia as a candidate for the 2024 Venezuela Elections. Previous post New Candidate Registered for Venezuela’s Presidential Elections: Gonzalez Urrutia Replaces Machado’s Nominee
How Water Quality Affects the Economy: A Discussion on April 6 | News, Sports, Jobs Next post New Study Reveals Harmful Impacts of Water Quality on Lee County Economy: A Call to Action by the League of Women Voters