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The Hustle Daily Show
Visa & Mastercard settlement may save businesses $30B
Mar 27, 2024
Visa & Mastercard settle antitrust case, potentially saving businesses $30B. Canva acquires Affinity, Trader Joe's raises banana prices. Discussion on card-only transactions, small businesses' implications, and challenges for banks. Episode concludes with a podcast ad for Creator Science.
12:12
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Quick takeaways
- Antitrust settlement could save businesses $30B by lowering credit card fees, benefiting small businesses financially.
- Banks like Chase and Capital One are implicated in Visa & Mastercard settlement, raising concerns about their role in fee-setting.
Deep dives
Visa and MasterCard Antitrust Settlement Saving Businesses Billions
Visa and MasterCard face an antitrust settlement that could result in businesses saving up to $30 billion over the next five years. This settlement aims to lower credit card swipe fees by about 0.04 percentage points, providing relief for businesses paying these fees. Historically, businesses have paid around 2% of the total cost due to swipe fees, making this reduction significant for their finances. Small businesses may now have the opportunity to band together and negotiate these fees for themselves.
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