Fight over credit card fees escalates

11/6/2008 |

Small-business owners are fighting high credit card fees by lobbying for new laws and filing class-action status lawsuits. Caught in a bind, businesses need to offer customers the option of paying with a credit card but have no control over the interchange and transaction fees banks and card companies charge on the businesses. "Why shouldn't you be able to set a minimum?" asked William Dennis Jr., senior research fellow for the National Federation of Independent Business in Washington. "Some of these small guys may actually lose money on a $2 or $3 credit card charge."

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