Things are changing for retailers and consumers alike. Thanks to new changes which have been pushed through by the National Retail Federation the swipe fees for debit cards are being cut in half. While the decision is final the changes aren’t going to happen over night. These changes will enable retailers to attract customers with lower prices and higher value. It may seem like a small change but the reduction of swipe fees has the potential to place billions of dollars back into the economy. And this is a welcomed development in economic times which have been proven difficult for store owners and customers alike. The new debit card swipe fees will be capped at 21 cents per transaction. This will also include .05 % of the purchase price and one cent for fraud protection. Now contrast that with the 44 cents which is currently being charged on average purchases—a fee that can reach several dollars on more expensive items.
This whole issue may seem like glorified penny pinching but did you know that debit card swipe fees provide banks with 20 billion dollars annually? And now with the new cap it has been estimated that store owners and consumers will be spared $7 billion. The fee on a $100 transaction will be about 27 cents, which is a far cry from the $1.50 currently being collected. Establishing the new debit card swipe fees has taken more than five years and it looks as if the process will be well worth it.
If you’re looking for a retailer which doesn’t have any swipe fees to speak of, whatsoever, you should turn to FloorMall.com. You can find great hardwood flooring at incredibly low prices, without any of those pesky hidden fees!
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