• Mon. Jun 17th, 2024

Small Businesses Across the Country Rejoice at Lower Credit Card Transaction Fees: An Interview with Ashley Ryan of Stash Apparel and Gifts on Brookside

BySamantha Johnson

Mar 27, 2024
Tulsa Business Believes Visa and Mastercard Settlement Could Provide Relief for Small Businesses

Small businesses across the country have been celebrating a recent settlement between Mastercard and Visa that will result in lower fees for credit card transactions. The $30 billion settlement stems from an anti-trust lawsuit filed against the two companies in 2005, and will provide much-needed relief to small business owners like Ashley Ryan, who owns Stash Apparel and Gifts on Brookside.

For Ryan, the news of lower credit card fees is a welcome development given the challenges of operating a small business in today’s economy. Small businesses are required to pay a percentage of each transaction back to credit card companies whenever customers use a card to make a purchase. This fee can add up significantly over time, putting financial strain on businesses like Ryan’s.

Ryan emphasizes the importance of this development for small businesses, noting that lower fees will provide much-needed relief from the financial burden that credit card transactions impose on them. She mentions how the preference for card payments among customers has a significant impact on local communities, as higher fees 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 businesses pay until 2030, at which point both parties will have the opportunity to renegotiate. This development is expected to provide much-needed relief to small businesses like Ryan’s, allowing them to operate more efficiently and competitively in the market. 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.

By Samantha Johnson

As a dedicated content writer at newsanguinely.com, I weave words into compelling stories that captivate and inform our readers. With a passion for storytelling and a keen eye for detail, I craft engaging articles that shed light on the latest news and trends. When I'm not typing away at my keyboard, you can find me exploring new ideas, researching diverse topics, and striving to deliver content that resonates with our audience. Join me on this journey as we uncover the stories that matter most.

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