"If I'm making 10 cents on this, and one cent. Sandoval used a simple bunch of bananas as an example of the impact of "swipe fees." "In order to offset those 2%, we have to charge a little bit more to customers," Sandoval said. That leaves the grocery store with $98 out of every $100 customers spend with credit cards. "Swipe fees" are charged to a business when a customer makes a credit card purchase, so money from his or her account makes it to the merchant.Ībout 2% of the amount charged to a customer's credit card goes to "swipe fees" to pay for credit card processing. "It's one of the highest expenses that we have," he said. Martin Sandoval said he wishes he could lower prices at Food Market La Chiquita in Cicero, but said margins are thin in the grocery store world, and something called "credit card swipe fees" eat into profits. To understand his proposed solution, CBS 2 needed to know more about the problem. Roger Marshall (R-Kansas), known as the Credit Card Competition Act.ĭurbin has said the bill could help millions of Americans struggling with inflation. Their beef is with legislation co-sponsored by Durbin and U.S.
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