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...paid the same low credit- and debit-card swipe fees as consumers in Australia pay, then the net benefit for American consumers would have totaled $125 billion over the last four years," the report says...
Banks began charging interchange fees in the 1960s to cover the cost of processing credit-card transactions. "But even as technology has dropped that cost dramatically, banks and credit-card companies have pushed swipe fees higher and higher, turning it into a cash cow," the report notes. "For many businesses, swipe fees are now their single highest non-labor operating cost...
...report is the merchants' latest push to pressure the Federal Government into passing legislation aimed at either lowering interchange fees or at least allowing merchants to negotiate the rate directly with banks and credit-card networks. (Read "The Real Problem with Credit Cards: The Cardholders...
...report cites reforms made to interchange fees in Australia, New Zealand and the E.U. as proof that lowering swiping fees are "not only pro-business and pro-consumer, but also a painless way to put more money into the economy during a recession and to stimulate spending...
When the Australian government started reforms in November 2003, fees fell 0.45 percentage points, and a 2007-08 review of the reforms indicated that the changes had saved Australian merchants $1.1 billion [AU] that year, the coalition's report said...