The Federal Reserve / Thomas Jefferson

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MischaR

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The Federal Reserve Delays Implementation of Interchange Fees

Interchange fees, also known as swipe fees for debit cards, have been limited by the Federal Reserve at 21 cents for every purchase.For the majority of merchants, interchange fees make up the largest component of processing costs.For card-not-present merchants, it typically represents over 2 percent of each credit card transaction. Managing these fees, particularly for card-not-present transactions, can save merchants thousands or millions of dollars annually depending on their transaction volume.The nation's central bank has also postponed the implementation of the cap until Oct. Retailers may require an additional payday loan to cover the charges and make do for now.
 
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