Connecticut's House Bill 5489, approved by the Finance, Revenue and Bonding Committee, aims to reduce swipe fees for small businesses.
In Connecticut, small businesses are burdened by swipe fees, which merchants are charged per credit card transaction. These fees amount to over $1bn in 2023 alone and negatively impact small businesses' growth and customer experience. House Bill 5489, approved by the Finance, Revenue and Bonding Committee, aims to address the issue by changing how swipe fees are calculated, excluding sales taxes from the equation. This could lower the fees for small businesses like mine.
April 20, 2024
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