For many small businesses, the multi-billion dollar lawsuit that Visa and MasterCard settled over credit card fees might not be a huge money saver.
NEW YORK (CNNMoney) — That Visa, MasterCard and major banks agreed to a $7.2 billion settlement in a credit card processing fee dispute does not have your friendly neighborhood merchant jumping for joy.
In the settlement, which requires a judge’s approval, about 7 million merchants will get paid for damages stemming from the alleged conspiracy to fix the processing — or “swipe” — fees. They’ll also get a reduction in the fees, but only for eight months.
“It’s a step forward to where we think it needs to be,” said Molly Brogan, spokeswoman for the National Small Business Association, which represents 65,000 small businesses nationwide.
Industry experts say the average credit card fee merchants pay banks when a customer buys with plastic is
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