Blog

Take it Easy on the Swipe Fee

Last month Opticard was one of thousands of exhibitors at the National Restaurant Association Show in Chicago. We saw the whole scope of restaurants in attendance, from the national franchise groups to the corner bistro, from quick service to sit-down, each one was set out to meet their own unique objectives. The great part about the show, well besides the delicious gelato and sausage, was the chance to hear firsthand what restaurants are doing to stay ahead of the curve or how they’re responding to economic conditions. It can’t be easy as a business owner to always be up to date on every trend or know exactly why customer A hasn’t been spending as much on meals. These events are good reminders of the premium set on personal attention. As a solution provider we get excited about the opportunity to not only be there as a gift and loyalty partner but to listen to a merchant’s concerns about their entire business and be there for support. That is in part the reason recent news on interchange fees has caught our attention. Evidently the NRA and various state/merchant associations are reaching out to Washington for help on the skyrocketing interchange fees.  A letter was sent to the House of Representatives asking members to amend the financial reform bill by regulating transaction fees that are “reasonable and proportional.” Consider the 48 billion dollars merchants pay each year in interchange fees.  In many cases those fees are restaurant’s third greatest operating expense and to think that may continue to climb is scary. As an advocate for fairness and a concerned partner, we sincerely hope the House members give a close look to making this amendment.