Visa Boldly Ushers in the Cashless Future (Where Everyone Uses Visa)
Slate‘s Henry Grabar covers a new development by Visa to eliminate cash payments at brick and mortar businesses, here’s our contribution: “According to a 2016 survey of independent retailers conducted by the Institute for Local Self-Reliance, the median share of revenue spent on swipe fees was 3 percent. Small businesses pay more in swipe fees than they make in profit in many cases, ILSR co-director Stacy Mitchell said, meaning that the banks and payment companies make more money from those businesses than the owners do. Not surprisingly, the survey found strong support for a federal cap on swipe fees, which add up to more than $50 billion a year for U.S. retailers.”… Read More
