A Quote by Peter Welch
Last year, Congress passed a law that directs the Federal Reserve to set limits on debit card swipe fees that are reasonable and proportional to the cost of processing those transactions. Like most Americans, I had no idea that swipe fees charged to American businesses are the highest in the world.
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Swipe fees have increased steadily since the introduction of debit cards 20 years ago, when there were no swipe fees at all. Merchants can't negotiate or control them. They've tried, but they have no leverage against the big banks and issuers. So they get ignored.
American businesses and consumers deserve a debit card system with competition, transparency, and reasonable fees.
The swipe fee reform law that Congress enacted in 2010 was a huge step forward in bringing transparency, competition, and choice to a debit card system that had been rigged by Visa, MasterCard, and the banks.
The credit/debit card transaction system is antiquated, expensive, and inefficient. There are over nine steps to complete a transaction from the time a customer swipes their card to payment processing, settlement, and when the merchant finally gets paid. Every step along the way costs both the consumer and the vendor in additional fees.
At its core, bitcoin is a smart currency designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions... all good things.
At its core, bitcoin is a smart currency, designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions all good things
It may seem strange, but Congress has never developed a set of goals for guiding Federal Reserve policy. In founding the System, Congress spoke about the country's need for "an elastic currency." Since then, Congress has passed the Full Employment Act, declaring its general intention to promote "maximum employment, production, and purchasing power." But it has never directly counseled the Federal Reserve.
Equity, ownership, production fees, license fees: those are the vocabulary words that are exciting to me.
There's actually a name app for baby names. It's like Tinder for baby names. You swipe left and swipe right, and it makes a little list for you.
The biggest challenge is self-financing 100% of everything. Recording costs, studio time, engineer fees, travel costs are all a part of the creation process. Then after the creation, there are producer fees, mixing, mastering, photo shoots, artwork, packaging, artist feature fees, legal fees, clearances, and so on that must be covered before any music can officially be released to the public.
The majority of companies using BitPay to accept bitcoin are small businesses that are benefitting from lower transaction fees, faster service, and increased security for fraudulent transactions.
Digital assets, including bitcoin, could save small businesses substantial transaction fees and provide an added layer of security to their payment processing.
As a small business owner, I've had to find ways to keep costs as low as possible while still providing customers with the ability to use their credit cards for payments. Many credit card processing companies are so expensive when it comes to fees that it started to feel like a losing proposition to offer this payment option.
Maybe you'll take the cash out. So a credit card company or a bank that goes into the business of saying we're going to be the broker, we're going to sell you a mortgage that you're going to be able to pay off, we're going to help you reduce your credit card debt, we're going to help you save for retirement, we're going to put you into mutual funds that have low fees rather than high fees.
Most investors, both institutional and individual, will find that the best way to own common stocks (shares') is through an index fund that charges minimal fees. Those following this path are sure to beat the net results (after fees and expenses) of the great majority of investment professionals.
So, Congress passed a law in 1970 - the Occupational Safety and Health Act. And the reason the Department of Labor and OSHA is able to take the strong step to protect Americans from COVID is that Congress passed that law.
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