With new fee increases and more shoppers ditching cash, small businesses urge their customers to consider sticking with bills and coins.

Summary

Small businesses are struggling with rising credit card swipe fees, which now average 2.26% per transaction and cost U.S. merchants $172 billion in 2023, a record high.

As shoppers increasingly use cards over cash, businesses face growing costs, with some passing fees to customers through higher prices or convenience charges.

Visa recently raised certain fees, sparking criticism from lawmakers and advocacy groups pushing for transparency and competition.

The bipartisan Credit Card Competition Act seeks to address swipe fee issues but remains stalled in Congress, leaving the conflict unresolved for now.