If you’re like many small businesses, credit card and debit card transaction fees can be a big headache. This is especially true of retail businesses that do high volume of low-cost products. A 35 cent fee on a dollar cup of coffee soaks up your profits fast.
There is some good news, coming into summer. As reported at the Intuit Blog, the Senate has voted to implement a proposed cap on fees soon. The cap applies to debit cards, and will limit fees to just 12 cents.
While the benefit is most obvious to small businesses, it’s also estimated that big businesses will save millions of dollars a year with this cap, as well.