Pa. House introduces bill to reduce credit card 'swipe fees'

3 weeks ago 5

HARRISBURG, Pa. (WTAJ) -- The Pennsylvania House of Representatives has introduced a bill that looks to lower what they call "credit card swipe fees."

The bill, HB 2934, was introduced by State Representatives Greg Scott (D-Montgomery) and Steve Samuelson (D-Northampton) and focuses on returning "fairness" to the state's tax system.

According to recent estimates by the Federal Reserve, about a third of all purchases in the United States are paid for by credit card. While this may not surprise most consumers, what seems to go unknown is that merchants are charged a "swipe fee." This fee is applied as a percentage of the total transaction every time a person pays by credit card, according to the bill.

"Merchants are merely performing their state-mandated duty to collect and remit taxes and should not have to pay an additional cost to do so," Scott wrote in his memorandum. "Relieving our local merchants of this undue financial burden can make the critical difference for so many businesses already operating on thin margins."

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