Poll question: Swipe fee fury?
HBSDealer’s weekly poll question examines transaction fees at the point of sale.
It’s a well-known fact that banks are pretty good at making money. And one banking industry revenue stream is fueled by the retail industry: swipe fees.
According to the National Retail Federation, swipe fees – the percentage of each card transaction that banks take from retailers – average about 2% of the sale. On some premium rewards cards, the fee can jump up to 4%. Factors such as the merchant’s card volume affect the fee, also.
Recently, Kroger Co. is standing up to escalating fees. The company announced it will no longer accept Visa credit cards at 26 stores that operate under the Foods Co. banner. And it is reportedly considering a wider ban on the cards.
Does your company struggle under the weight of excessive swipe fees? Are the fees out of alignment? Let us know your thoughts. Take the poll on the right side of the screen (or scroll down your mobile device). Share additional thoughts here.
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