The federal government says it has hammered out the final details with Visa and Mastercard to lower credit card transaction fees for merchants, but small business advocates say the deal doesn’t go nearly far enough.
The deal concerns what is called an interchange fee, also known as a “swipe fee,” which sets aside a percentage of every sale for credit card companies and banks that issue the cards.
Until very recently, the fee could range from fractions of a per cent to more than two per cent for some premium cards.
And it’s not just an issue for small retailers either: Visa and Walmart waged
