News

Vermont passes law to limit swipe fees

May 26, 2010

On Friday, Vermont became the first state to pass legislation limiting swipe fees on credit and debit card purchases.

According to Convenience Store News, the law will take effect January 1st and allow retailers in the state to also set a $10 minimum for credit and debit card purchases and offer discounts to shoppers who pay in cash.

Vermont Governor Jim Douglas said he sympathizes with merchants, who complain that the swipe fee eliminates profit on small purchases, but that he also worries that consumers' abilities to use their cards will be restricted.