Small Businesses Rejoice as Mastercard and Visa Agree to Lower Credit Card Fees!

Tulsa Business Believes Visa and Mastercard Settlement Could Provide Relief for Small Businesses

Small business owners like Ashley Ryan, who owns Stash Apparel and Gifts on Brookside, are rejoicing over a recent settlement between Mastercard and Visa that will lower fees for small businesses when customers pay with a credit card. This settlement comes after an anti-trust lawsuit filed against the two companies in 2005.

For small businesses, the ability to save money is always welcome, and Ryan notes that the financial strain placed on businesses by high credit card fees can be significant. Most customers prefer paying with a credit card due to its convenience and rewards, but this preference can translate to more expenses for businesses. With expenses already high for small businesses, any opportunity to save money is seen as beneficial.

The approved settlement will impose a cap on the fees that businesses pay until 2030, at which point both parties will have the opportunity to renegotiate. This development is expected to provide relief to small businesses like Ryan’s, allowing them to operate more efficiently and competitively in the market. Despite the challenges of running a small business, Ryan remains optimistic about the positive changes that lower credit card fees can bring to her business and the community.

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