Every time you use your credit card, the store pays up to 3 percent of your total purchase to the credit card company. It’s called a “swipe fee” and now some fed-up retailers are getting ready to pass this cost on to you, in the form of a surcharge.
CBS New York has an interesting story about retailers passing the "swipe fee" onto consumers.
That’s right, major retailers — from supermarkets to drug stores — may soon be charging you more if you choose to pay for an item with a credit card, instead of paying with cash.
With new mobile payment companies on the scene (Square) and WiFi being used to get around having to use the wireless carrier, this space looks very open for disruption.
By creating a mobile payment application that is verified BY credit cards could cut off the 3% fee completely.
3% on tens of billions in revenue offers a great opportunity for a start up.
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