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You see, restaurants along with other retailers are required to pay a fee every time a customer swipes, inserts, or taps a credit card to pay for a meal.
Despite improving technology making credit card transactions quicker and easier to process than ever, the credit card companies are charging higher than ever fees, forcing small businesses to pass these costs on to customers. The CEO of Sergio’s restaurant in Miami calls on Florida's senators to support the bipartisan Credit Card Competition Act of 2022 to help lower these fees.
Carlos Gazitua, Sergio's Restaurants president and CEO, explained the problems plaguing the restaurant and retail industries and what actions are being taken to alleviate them.