Small Tulsa Business Optimistic About Visa and Mastercard Settlement Impact on Small Businesses

Small businesses like Ashley Ryan’s Stash Apparel and Gifts on Brookside are facing many challenges in today’s economy, but a recent settlement between Mastercard and Visa could provide some relief. The $30 billion settlement, resulting from an anti-trust lawsuit dating back to 2005, means that small businesses will pay lower fees to credit card companies whenever a customer makes a payment using a credit card.

Ryan explains that her business pays around 3 to 4 percent in fees for every credit card transaction, which can add up significantly over time. This potential reduction in fees as a result of the settlement could positively impact her business’s bottom line, allowing her to focus on other aspects of her business without worrying about unnecessary expenses.

Credit card transactions have become the norm in today’s society, with customers preferring the convenience and rewards associated with card usage. However, Ryan emphasizes that these transactions come at a cost to businesses, as they are charged higher fees for customers who earn rewards or points through their credit card purchases. Any savings in fees for small businesses like hers is seen as a valuable opportunity to reduce costs and stay competitive.

While the settlement still requires approval from a federal judge, it sets a cap on the fees businesses pay to credit card companies until 2030. At that point, both parties will need to renegotiate the terms. This potential cost-saving measure offers hope to small business owners like Ashley Ryan, who are constantly looking for ways to manage expenses in an increasingly challenging economic landscape.

By Samantha Johnson

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