By Matt O’Dell & Brad D. Steele, J.D.
For decades, private clubs have been wrestling with the high cost of credit card company interchange fees, or so-called swipe fees. Traditionally, these fees are between 2% and 4% of a total credit card transaction cost. They represent a service charge paid to the card company, or its bank, covering the costs associated with allowing individuals to use their Visa, Mastercard or other credit card for purchases. Regrettably, these charges can be hefty for a club on an annual basis.
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