The Nat'l Rest. Association continues its fight to lower debit card swipe fees for merchants by appealing a case that allows for swipe fees up to 21% to the Supreme Court. The NRA argued that " the 21-cents-per-transaction limit the Fed imposed on debit-card swipe fees violates the 2010 Durbin Amendment passed by Congress that called for fees that are “reasonable and proportional” to the cost of the transaction." After winning the battle in the district court, the appellate court overturned the ruling and allowed the Fed Rule for up to 21% fees on debit card transactions. As quoted in the article, "[t]he Fed’s own research has shown that 90 percent of debit-card transactions cost less than two cents to process." This rule is affecting small businesses immensely, and costs the industry approximately $4 billion per year in swipe fees.
The Foodie Law Blog will keep you updated as the case moves through the Supreme Court.
http://www.restaurant.org/News-Research/News/NRA-merchants-take-swipe-fee-case-to-Supreme-Cour
No comments:
Post a Comment