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One of the main reasons why we all work hard is to leave something behind for our kids and grandkids. The choices we make today have consequences we can’t even imagine in the future.
That’s why I’m fighting against the unfair credit card swipe fee settlement the credit card companies are pushing in response to a class action lawsuit filed by merchants like myself. If I accept the settlement to the federal lawsuit, it means the next generations of owners of Ricker’s won’t have as many legal rights as I have to combat bad behavior by Visa or MasterCard. They will just have to live with higher and higher fees every time a card is used in their store. I can’t do that to them.
I own 50 gas and convenience stores in Indiana; we’re one of the largest operators in the state. I’m also the past chair of the National Association of Convenience Stores and very concerned about the financial health of the entire industry.
We have a problem when the credit card companies are collecting more in swipe fees from us than all the profit for our entire industry!
In Australia, the credit card companies have swipe fees that are about one-third less than what we have to fork over. Americans deserve a fair shake, too.
This so-called settlement will result in a savings of only about three months’ worth fees—and, again, Visa and MasterCard will be free to hike up the fees to whatever they want.