The Hidden Costs of Swipe Fees

In this episode of Main Street Matters, Elaine Parker and Doug Kantor discuss the significant impact of swipe fees on small businesses and consumers. They explore the duopoly of Visa and MasterCard, the barriers to competition in credit card processing, and the proposed Credit Card Competition Act aimed at reducing fees and increasing market competition. The conversation highlights the need for consumer awareness regarding hidden costs and the importance of advocacy for small business interests.

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Chapters
00:00 Introduction to Swipe Fees and Their Impact
03:00 The Scale of Swipe Fees and Their Effects on Small Businesses
06:00 Understanding the Credit Card Duopoly
09:07 The Barriers to Competition in Credit Card Processing
12:03 Legislative Solutions: The Credit Card Competition Act
15:05 Consumer Awareness and Misconceptions
18:00 The Reality of Credit Card Rewards and Fees
20:45 The Potential Impact on Consumers
24:03 Call to Action for Small Business Advocacy

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