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10/06/2011 -
According to some finance experts, the upcoming swipe fee limits on the payment processing industry will help retailers save billions.In a column for the Billings Gazette, Matthew Shay, the president of the National Retail Federation, writes that thanks to a new rule by the Federal Reserve, credit card processors will be limited to a 12 cents per transaction limit. Shay wrote that nationwide, retailers would save more than $1 billion a month and more than $14 billion a year.
"Left unchecked, they (the swipe fees) have tripled to $50 billion annually over the past decade," Shay stated in an article for the news source. "And at $427 a year for the average household, U.S. consumers pay the highest swipe fees in the world. With the economic recovery still trying to gain momentum and consumers facing skyrocketing costs for necessities like food and fuel, the need for relief has never been greater."
Shay's NRF is in the middle of a 60-day lobbying effort to keep pressure on lawmakers. The credit card industry has been calling on Congress to delay implementation of the new limits.
