Survive and Maintain is all Small Retailers Can Do!
I hope you noticed grow was not included in the above line. If the government is trying to drive small businesses out, they are doing a good job. Now small retailers are having to put up with these credit card fee hikes. Good credit, pay on time, low balances, it doesn’t matter and going from 13% to 29% is another obstacle to overcome. These fees take the consumer spendable income away and their only choice is cash.
Many Americans are not going to differentiate the retailer from the issuing bank for the card and many retailers will undoubtedly be blamed for what would be describe as highway robbery. This will not only hurt customer satisfaction, which all retailers have been fighting to grow and maintain for years, it will reduce the ability and willingness for shoppers to buy. So the next time you blame a retailer for the increased rates, stop and point your finger at Congress, Visa, MasterCard, Discover and AmX.