The Hispanic Leadership Fund has studied swipe fees. We found that they hit those least able to afford it the hardest. Overall, our research concluded:

• Lower income Americans are losing money to higher income individuals.
  • American families earning less than $75,000 per year send a total of $3.5 billion to families earning more than $75,000 per year.
  • More than $1.9 billion of that money goes to those making more than $150,000 per year.
  • Families making less than $20,000 per year pay more than $1.2 billion of the $3.5 billion that gets transferred to higher income people.

• The current swipe fee structure drives up prices for all Americans regardless of how you pay.
  • The study found that swipe fees cost some retailers between 17 and 19 percent of annual profit.
  • Annual variation in these costs drives profit up and down by about 4.5 percent for smaller stores. This added risk generates economic inefficiency, negatively affecting the entire economy.