Get All Access for $5/mo

Want Swipe-Fee Relief? Now's the Time to Make it Happen

By Carol Tice Edited by Dan Bova

Opinions expressed by Entrepreneur contributors are their own.

If you're a merchant tired of high debit- and credit-card fees, now's your chance to make a difference. The financial-reform bill slowly wending its way through Congress is coming into the home stretch, and swipe-fee reform has made it through to the version now being reconciled by a joint Senate-House committee.

The National Retail Federation is trying to put on a full-court press of lobbying by small business owners to keep the provision -- known as the Durbin amendment -- in the bill and try to eliminate an estimated $20 billion in merchant fees annually. So if you care about this issue, call your legislator immediately -- the commitee intends to have the bill ready for a final vote June 24.

Banks and major credit-card issuers have been making a mint off swipe fees for ages, even though the administrative effort required on their part for accepting an electronic card swipe is actually less than the work of clearing a check.

Because Europe recently passed similar swipe-fee reform, if we don't follow suit, the forecast is for even higher fees here as the financial-services firms look to make up their lost revenue from overseas. Without federal reform, merchants will have to rely on a patchwork of state laws limiting interchange fees, such as Vermont recently passed.

The days when a merchant loses money if a customers wants to buy a pack of gum with a debit card could be drawing to a close here. If you're in favor, time to speak out.

Carol Tice

Owner of Make a Living Writing

Longtime Seattle business writer Carol Tice has written for Entrepreneur, Forbes, Delta Sky and many more. She writes the award-winning Make a Living Writing blog. Her new ebook for Oberlo is Crowdfunding for Entrepreneurs.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

The Side Hustle He Started in His College Apartment Turned Into a $70,000-a-Month Income Stream — Then Earned Nearly $2 Million Last Year

Kyle Morrand and his college roommates loved playing retro video games — and the pastime would help launch his career.

Growing a Business

How to Determine The Ideal Length of Your Marketing Emails Your Customers Will Actually Read

Wondering how long your marketing emails should be? Here's what consumers say — so you can send them exactly what they like.

Business News

A Former Corporate Lawyer Now Makes Six Figures on YouTube — Here's How She Does It

Here are the secrets to starting and growing a successful YouTube channel, according to a YouTuber with millions of subscribers.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

New Southwest Airlines Major Investor Wants to Force Out CEO, Slams Company's 'Stubborn Unwillingness to Evolve'

Elliot Investment Management announced a $1.9 billion stake in the Dallas-based Southwest Airlines on Monday and is urging shareholders to vote for new leadership.