Welch wants to help retailers avoid costly credit card fees
BURLINGTON, Vt. (WCAX) - Vermont Sen. Peter Welch wants to help retailers avoid costly credit card fees.
Every time you use a credit card at stores, the retailer pays a fee to the credit card companies of 2%-3%. That means less profit for every credit card purchase.
Welch was at Homeport in Burlington on Friday talking about the Credit Card Competition Act. He says the bill has bipartisan support and would result in lower fees.
“The swiping device we could have a choice for the retailer so that if another processor had access to the market, there would be competition in the market and we believe that swipe fee would go down due to competition,” said Welch, D-Vermont.
Business leaders say the credit card percentages can make the difference in businesses’ abilities to hire more staff.
Copyright 2023 WCAX. All rights reserved.