High gas prices aren't just hurting Florida Drivers. Small businesses, like gas stations, have joined forces to take on credit card companies over a little known “swipe fee.”
Businesses are charged extra when a customer pays with a credit card. The fees cost some businesses nearly as much money as they pay their entire staff.
Jim Smith is a spokesman for the Florida Petroleum Marketers Association representing gas station across the state. Smith said when customers pay at the pump credit card companies end up with a bigger share of the profit than the station’s owner.
“The average retailer is making about nine cents and it cost them 6 cents to take a credit card on a gallon of gas, so their profits are now cut by two-thirds,” said Smith.
Small Business owners are supporting a push in Congress to lower the “Swipe Fee,” and bring the charges into the light.