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Fed Takes a Bite Out of Swipe Reform
The Federal Reserve moved to take a bite out of swipe reform.
Per last July's landmark financial-services
reform legislation, the Federal Reserve was tasked with regulating debit-card
interchange fees -- the transfer fees paid for by merchants to cardholders'
financial institutions each time shoppers pay with plastic.
The Fed last December had initially proposed a 12-cent cap on the
fees merchants pay for debit-card transactions, which incited cheers from small
businesses and jeers from the banking industry. However, today it issued a much
less restrictive set of final rules.
The current debit-card swipe fee rate is 1 to 2 percent of each
transaction -- or about 44 cents on the average retail purchase of $38 and
several dollars on bigger-ticket items. However, under the new rules, merchants
would pay a flat fee of not more than 21 cents per transaction for the nation’s
largest banks. Though, some banks that institute fraud prevention programs
would be able to charge a couple cents more.
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Dear Subscriber,
Celebrate Independence
Many
Americans celebrate Independence Day with fireworks and patriotic displays of
red, white and blue, just as the founding fathers commemorated the Fourth of
July at the end of the Revolutionary War.
With
thousands of U.S. troops
fighting in Iraq and Afghanistan, let’s take this U.S. holiday to thank the true patriots of this
country, Washington, Jefferson, Adams and our
service men and women. Thank you for protecting our interests and striving to
give the broken countries of the world a glimpse of what can be achieved.
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Meet Our Leadership
Ft. Wayne Fox News reports
Local Small
Businesses Get a Boost
There are over 50 MainStreetChamber chapters around the country and now Fort Wayne, Indiana has one too. The chapter president,
Randy Shaver says that we are a National Business Association responding to
economic need. He is challenging the people of Fort Wayne to support its own.
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President - Ontario, CA
Mike Ramirez
With
over 20 + years of Sales and Marketing experience, Mike Ramirez has been chosen
to lead the way in the expansion of the Inland Empire Chapter of MainStreetChamber.
In his role with the California Auto Body
Association, Mike started out as a volunteer board member for the Orange County
Chapter, which led him to become Vice -President for 5 years, Golf Tournament
Chairman for 8 years, and received the member of the year award in 1997 for the
state of California.
He eventually went on to become the Business
Development Manger for CAA, and was responsible for creating awareness to small
businesses for all of Southern Calif. He was
also responsible for starting new chapters from as far south as San Diego, all the way to Santa Barbara.
As an owner of Insurance Marketing Group &
Financial Services, Ramirez understands the need to bring small business owners
together for the good of the community, and is up to the challenge in bringing
MainStreetChamber to Southern Calif.
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Five Tips to Transform Your Business
A look at the best
turnaround tactics from small companies around the U.S.
Sales plummet. Long-time clients disappear. Markets dry up.
The economic downturn has been merciless on small business owners. But there
are many resilient entrepreneurs who refuse to give up, remaining steadfastly
determined to turn their companies around. And indeed they do.
Consider the advice gleaned from the turnarounds featured in our 'Small
Business Comebacks' series and how it might be useful in your business.
1. Rally your team for
ideas.
When
revenues at Suzanne Bates' Wellesley, Mass.-based executive coaching firm took
a $600,000 recessionary dip in 2009, she turned to her employees to help find a solution. The
10-employee team at Bates Communications brainstormed how to make coaching
services more relevant -- and current clients more engaged in the business.
Bates' coaches then reached out to clients with everything from weekly emails
to grabbing lunch to sending them leadership articles.
As it turned out, many big clients needed leadership
training more than ever -- they just couldn't pay a high price for it. So the
company rolled out lower-priced options, including $25 teleseminars and group
coaching sessions. Bates also began pitching leadership training to smaller
companies, and some non-profits that saw the recession as an opportunity to
gain market share.
As a result, Bates Communications pulled in $2.3 million in
annual revenue for 2010, compared with $1.3 million the previous year.
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