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Small Tulsa Business Optimistic About Visa and Mastercard Settlement Impact on Small Businesses

In a recent development, Mastercard and Visa have reached a $30 billion settlement in an anti-trust lawsuit that dates back to 2005. This news has brought relief to small businesses, who will now pay lower fees to credit card companies whenever a customer makes a payment using a credit card.

Ashley Ryan, owner of Stash Apparel and Gifts on Brookside, is among the many small business owners who welcome this news. She explains that the majority of her customers pay with credit cards due to the prevalence of digital transactions. Currently, small businesses like hers pay around 3 to 4 percent in fees for every credit card transaction, which can add up significantly over time. The potential reduction in fees as a result of this settlement could positively impact her business’s bottom line.

Ryan discusses how credit card transactions have become the norm in today’s society, with customers preferring the convenience and rewards associated with card usage. However, she also emphasizes that these transactions come at a cost to businesses, as they are charged higher fees for customers who earn rewards or points through their credit card purchases. Any savings in fees for small businesses like hers is seen as a valuable opportunity to reduce costs and stay competitive.

While the settlement still requires approval from a federal judge, it sets a cap on the fees businesses pay to credit card companies until 2030. At that point, both parties will need to renegotiate the terms. This potential cost-saving measure offers hope to small business owners like Ashley Ryan, who are constantly looking for ways to manage expenses in an increasingly challenging economic landscape.

By Samantha Jones

As a dedicated content writer at newsaca.com, I bring a unique blend of creativity and precision to my work. With a passion for storytelling and a keen eye for detail, I strive to craft engaging and informative articles that captivate our readers. From breaking news to thought-provoking features, I am committed to delivering content that resonates with our audience and keeps them coming back for more. Join me on this exciting journey as we explore the ever-evolving world of news and information together.

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