Small Businesses Stand to Benefit from $30 Billion Settlement Between Mastercard and Visa

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

The recent $30 billion settlement between Mastercard and Visa will have a positive impact on small businesses, as it will result in lower fees for transactions made with credit cards. This settlement stems from an anti-trust lawsuit filed against the two companies in 2005. Small business owners like Ashley Ryan, who owns Stash Apparel and Gifts on Brookside, are particularly excited about this news given the challenges of operating a small business in today’s economy.

Ryan highlights the financial strain that credit card fees place on businesses, noting that most customers prefer paying with a credit card due to its convenience and rewards. Businesses like hers pay about 3 to 4 percent for each transaction, which can add up significantly over time. The savings resulting from lower fees will be welcomed by small businesses like Ryan’s, as they look to operate more efficiently and competitively in the market.

The approved settlement will impose a cap on the fees businesses pay until 2030, after which both parties will have the opportunity to renegotiate. This development is expected to provide relief to small businesses like Ryan’s, allowing them to focus on their core operations instead of worrying about high credit card fees. Despite the challenges that come with 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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