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February 22, 2007

Higher Credit Card Fees Hit Small Businesses Hardest

“Credit card fees charged to laundry services are almost twice higher than those charged to golf clubhouses. How absurd is that?”

Small-and-medium sized companies and self-employed businessmen are calling for the credit card industry to lower its fees, and in response, the Korea Federation of Small and Medium Business said on February 22 that they have set up a special committee for promoting lower credit card fees.

The federation said, “So far, unlike mega franchises, small-sized businesses have not had a negotiation channel for credit card fees; from now on, this committee will take on the role.”

Calls for lower card fees have been made by different business sectors, such as department stores. However this is the first time for small-and-medium sized companies and mom-and-pop shops to join forces and set up their own representational organization to ask for a lower fees.

Read more at: Higher Credit Card Fees Hit Small Businesses Hardest

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