Small business owners could see merchant fee relief with new bill

FARGO, N.D. (Valley News Live) – Small business owners have long grappled with the challenges posed by ever-changing merchant fees, but a recent bill introduced in the U.S. Senate provides some relief. is intended for

Fargo local business owner Maria Bosak emphasized the burden of high merchant fees on both businesses and consumers.

“This is a really big burden for operators and a big burden for consumers,” Bosak said. “He starts at 2%, but these days he can be 10%.”

A bill known as the Credit Competition Act, introduced in the U.S. Senate in June, aims to ease the financial burden on small business owners. Bosak expressed optimism about the bill’s potential impact.

“So this law will make credit card processing fairer and reduce fees for business owners,” Bosak said.

Bosak had the opportunity to address lawmakers on the issue earlier this year and felt encouraged by the reception.

“It has been well received and I have a hunch that the bill will pass,” Bosak said. “We just want more recognition about it.”

This sentiment resonates with many other business owners who are hoping for lower fees. Blaine Mikkonen, owner of Grain Designs in Fargo, highlighted the potential benefits of redistributing funds saved by lower fees.

“By returning those funds to our customers or redistributing them to other things, we can extend our profitability a little bit, expand it, and continue to grow,” Mikkonen said.

While business owners acknowledge the need to pay fees, they also argue that competition among financial institutions will intensify. Bosak stressed that he was willing to pay reasonable fees, but also stressed the need for fairness.

“We’re happy to pay banks fees, we’re happy to pay for Visa and Mastercard products, but it’s unfair to be forced to pay such high fees,” Bosak said. “As a business owner, if I said I wouldn’t accept credit cards, there would be a riot.”

Business owners are excited about the potential progress of the bill.

“I think it will be attached to another bill. “Consumers will benefit because I think prices will go down on everything from food to furniture to clothing.”