The settlement, which only applies to merchants in
"This agreement brings closure to a long-standing dispute by delivering substantial certainty and value to business owners, including flexibility in how they manage the acceptance of card programs,"
"As the court reviews the settlement, we will focus our energy on continuing to provide customers, small businesses and all business owners what they expect from
"We are making these concessions while also maintaining the safety, security, innovation, protection, rewards and access to credit that are so important to millions of Americans and to our economy," Lawrence said in a statement.
Swipe fees often cost merchants about 2% of the total transaction the customer makes on their purchase total, but for some higher-end cards, the swipe fee could be as high as 4%, per the
The settlement could lower those fees for merchants by least 0.04 percentage points for at least three years and the current rate for up to five years.
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