State Businesses Receive Help from Credit Card Fees
By Steven Gibbs
May 7, 2010
As the fight against fees and other cost merchants are charged with when consumers make a payment with a credit card continues across the country, it seems that one state has had enough and is moving forward with a plan to help local businesses. By way of a bill that was recently passed by the Vermont Senate, Vermont is one step closer to allowing their businesses to keep more of the money they depend on to stay afloat.
When it comes to the bill that was passed, it is broken down in to multiple parts and the first phase will be implemented in July. Ultimately the bill allows business owners to announce a minimum amount that consumers must meet on purchases in order to pay with their credit cards. With this, card processors can no long implement fines for having this amount posted on the premises. The bill also allows business owners to offer discounts and incentives to those who use cards that may charge the owner less when it comes to fees.
The bill itself is something that many local business owners believe should have been passed much sooner. Just like consumers, many owners have seen an increase in cost just to accept credit cards which in most cases have grown overly expensive. At the moment Vermont is the only state that have passed such a bill, on all accounts and purposes they probably won’t be the last. Like many things that happen within the United States, it only takes one person (or in this case, one state) to set a precedent before others move to do the same.