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Stock impact report

Credit card swipe fees are swiping too much from small business and consumers | Opinion [Yahoo! Finance]

Mastercard Incorporated (MA) 
Last mastercard incorporated earnings: 4/29 08:00 am Check Earnings Report
Company Research Source: Yahoo! Finance
If passed, the measure would unlock immediate savings for the state's dynamic small business community. Lawmakers in Topeka have a golden opportunity to side with Main Street and get the bill onto the floor for a vote. Many consumers are unaware that when they tap, insert, or swipe their credit card at grocery stores like ours, the business is on the hook to pay a fee to the credit card company and bank. Called a “swipe fee,” this hidden tax generally amounts to between 2% and 4% of the purchase amount. Although that may seem modest when applied to a $3 candy bar, it adds up when you are talking about hundreds of thousands of transactions each week. Swipe fees were first introduced to offset the cost of making a transaction with a credit card. But over time, credit card companies and banks have learned how to game the system and swipe fees have gone off the rails while the cost of processing a transaction has actually declined. To put a number to it, retailers like our comp Show less Read more
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