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- 1. Many small businesses could have another thing to worry about when they come out of a coronavirus coma: higher credit-card fees. Visa Inc. and Mastercard Inc. had planned to raise swipe fees on many merchants this year, and the changes in some cases would be hardest on small businesses, according to people familiar with the situation. It is unclear if the fee changes, in the works for months, will be rolled out if the pandemic persists. Already, the abrupt global slowdown has been most acute for the smallest businesses, which tend to operate on thinner profit margins and smaller cash reserves. Visa’s potential plans include increasing interchange fees associated with many consumer credit cards for many of the smallest retailers while lowering them for many of the largest ones, according to some of the people and a document reviewed by The Wall Street Journal. Many restaurants, both large and small, could also be affected.
- 2. Visa and Mastercard are the largest U.S. card networks, and they tweak card fees on a continuing basis. The latest changes were decided before the pandemic spread in the U.S., according to the people, and the companies could shelve or delay the planned fee increases if the economy worsens. Both companies already delayed fee changes scheduled to kick in this month to July, citing the pandemic. A Visa spokesperson said the company has “made no decisions regarding what, if any, changes will be made in the future in recognition of the dramatically changed environment in which all businesses are operating today.” A Mastercard spokesman didn’t comment directly on the potential changes but said that delaying the planned new fees “allowed our customers and partners to focus on their core activities and manage through this unprecedented event.” Both companies pledged to support their
- 3. clients. Visa and Mastercard also said this week they were committing $210 million and $250 RECOMMENDED VIDEOS MOST POPULAR ARTICLES DOW JONES, A NEWS CORP COMPANY DJIA 23726.02 1.25% ▲ S&P 500 2787.61 1.37% ▲ Nasdaq 8133.94 0.53% ▲ U.S. 10 Yr 26 32 Yield 0.729% ▲ Crude Oil 23.10 7.93% ▼ Euro 1.0931 0.67% ▲ BREAKING NEWS U.K. Prime Minister Boris Johnson leaves intensive care as his condition has improved, his office said. He remains in the hospital for monitoring. WSJ NEWS EXCLUSIVE | MARKETS Another Challenge for Small Businesses: Higher Card Fees Could Be on the Way Visa and Mastercard could raise some swipe fees, which would likely put a new strain on small retailers, grocers and others already reeling from the coronavirus ◆ A pen wrapped in paper is used to sign a credit-card receipt amid the coronavirus crisis. PHOTO: CHRIS GRAYTHEN/GETTY IMAGES
- 4. April 9, 2020 5:30 am ET By AnnaMaria Andriotis Hub Convenience Stores, a small business comprising six gas stations, paid nearly $400,000 last year in credit- and debit-card fees. PHOTO: KIMBERLY LARSON PHOTOGRAPHY As Detroit Nears Virus Peak, City’s Disadvantages May Fuel Crisis 1. Can’t Unlock Your iPhone’s Face ID with a Mask On? There’s a Mask For That 2. Long Road Ahead for Covid-19 Patient Back Home From ICU 3. Coronavirus Update: Racial Disparity in Deaths, Trump Doubles Down on WHO
- 5. 4. The Federal Reserve Unveils $2.3 Trillion in New Lending Programs 5. Safety Advice If You Must Visit the Grocery Store 1. Opinion: Trump’s Wasted Briefings2. Haywire Immune Response Eyed In Coronavirus Deaths, Treatment 3. Opinion: Pelosi Holds Up Small Business4. Airbnb’s Coronavirus Crisis: Burning Cash, Angry Hosts and an Uncertain Future 5. WSJ MEMBER MESSAGE
- 6. Play Smart, Stay Sharp Get a daily mental workout with WSJ's adventurous and addictive crosswords. PLAY NOW Small Businesses Could Be Hit by Credit-Card Fee Changes 00:00 / 09:38 SUBSCRIBE SAVE PRINT TEXT 63 SHARE CORONAVIRUS Free Resources LIVE UPDATES SYMPTOMS WHO'S HIRING YOU ASK, WE ANSWER STATE LOCKDOWNS DAILY LIFE TESTING TECH TIPS DAILY BRIEFING EN ESPAÑOL Home World U.S. Politics Economy Business Tech Markets Opinion Life & Arts Real Estate WSJ. Magazine Search omer alobaidullah https://www.wsj.com/market-data/quotes/index/DJIA https://www.wsj.com/market-data/quotes/index/SPX https://www.wsj.com/market-data/quotes/index/COMP
- 10. 11586388710?mod=trending_now_4 https://www.wsj.com/articles/pelosi-holds-up-small-business- 11586388710?mod=trending_now_4 https://www.wsj.com/articles/airbnbs-coronavirus-crisis- burning-cash-angry-hosts-and-an-uncertain-future- 11586365860?mod=trending_now_5 https://www.wsj.com/articles/airbnbs-coronavirus-crisis- burning-cash-angry-hosts-and-an-uncertain-future- 11586365860?mod=trending_now_5 https://blogs.wsj.com/puzzle/category/crossword/?mod=wsj_eng _20puzl_memti million, respectively, to helping small businesses. Swipe fees are known as interchange fees in industry parlance. Card networks such as Visa and Mastercard set the prices. Merchants pay the fees to credit- card issuers, usually banks, when consumers shop with the cards they issue. The fees can typically range from about 1% to 3% of card spending. Merchants sometimes raise prices on consumers when their own fees are increased. Card- industry executives say interchange fees help cover costs for important functions such as preventing fraud.
- 11. Some large merchants, including Amazon.com Inc., Costco Wholesale Corp. and Walmart Inc., in recent years have negotiated their interchange fees down in part by leveraging their market reach, according to people familiar with the matter. Small merchants have less power to negotiate. Mastercard’s potential plans include increasing fees for small grocery stores this summer, while keeping fees steady for the larger supermarkets, according to some of the people. Visa’s potential plans include keeping fees essentially unchanged for small grocery stores but lowering them for large supermarket chains this summer, according to some of the people and a document reviewed by the Journal. Visa has had friction with large supermarkets over card fees. Kroger Co., for example, temporarily stopped accepting Visa credit cards at some of its units. Merchants paid an estimated $53.6 billion in Visa and Mastercard credit-card interchange fees in 2019, up 8% from the year before and up
- 12. 107% from 2012, according to the Nilson Report, an industry publication. Fee payments have risen as more people shop with credit cards, including generous rewards cards. The networks set higher fees for those rewards cards. The potential changes are forecast to result in merchants paying an estimated net increase of $731 million a year to card issuers, according to CMSPI, a merchants’ payments consulting firm. Other fee changes could come for merchants regardless of size. Visa also could change how it calculates fees for restaurants starting in October, according to some of the people and a document. Quick-service restaurants whose average purchase price is above $9 would pay more in interchange fees, according to CMSPI estimates. Mastercard also could increase interchange fees when consumer credit cards are used for
- 13. most in-store retail purchases, some of the people said. Mastercard might lower interchange fees for subway rides and other public transportation, these people said. Jared Scheeler, chief executive of the Hub Convenience Stores, a small business comprising six gas stations, said his company paid nearly $400,000 last year in credit- and debit-card fees, including interchange fees. Mr. Scheeler said the fees represented 2.12% of the Hub’s total sales last year, up from 1.99% in 2018 and 1.93% in 2017. One reason, he said, are rewards credit cards. “It is pretty discouraging as a business owner to see that much money going out,” said Mr. Scheeler, who is also a board member at the National Association of Convenience Stores. “The only line items bigger than that are rent and payroll.” Write to AnnaMaria Andriotis at [email protected] WHAT TO READ NEXT... SHOW CONVERSATION ( 6 3 )
- 14. A Bed. A Kiss. A Potato. Video Calls Reveal So Much About Your Colleagues Faulty N95 Masks Hamper Hospitals on Coronavirus Front Line Illinois, New York Residents Among First to See Bigger Virus Unemployment Payments JOIN THE CONVERSATION President Trump signed a historic $2 trillion bill into law in late March aimed at relieving workers and businesses hurt by the new coronavirus pandemic. WSJ breaks down what is in the package. Photo: G. Ronald Lopez/ZUMA Wire Who Gets a Piece of the $2 Trillion Coronavirus Stimulus Package Who Gets a Piece of the $2 Trillion Coronavirus Stimulus Package The only line items bigger than credit- and debit-card fees are rent and payroll, says Jared Scheeler, CEO of the Hub Convenience Stores. PHOTO: CREDIT: NACS MARKETS IN YOUR INBOX
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- 29. https://wsj.jobs https://www.wsj.com/masthead?mod=wsjfooter https://www.wsj.com/news/archive/?mod=wsjfooter https://customercenter.wsj.com/register https://www.djreprints.com https://wsjshop.com/?mod=wsjfooter https://www.facebook.com/wsj https://twitter.com/WSJ https://www.instagram.com/wsj/ https://www.youtube.com/user/WSJDigitalNetwork https://www.wsj.com/podcasts https://www.snapchat.com/discover/Wall-Street- Journal/4806310285 https://play.google.com/store/apps/details?id=wsj.reader_sp https://itunes.apple.com/us/app/the-wall-street- journal./id364387007?mt=8 https://www.barrons.com http://bigcharts.marketwatch.com https://www.dowjones.com/dna https://www.dowjones.com/newswires https://www.dowjones.com/factiva https://www.fnlondon.com/ https://mansionglobal.com/ https://www.marketwatch.com https://pevc.dowjones.com https://www.realtor.com … Q#9-CH7--Pg319-P02_16DayArrivals 8:00AM to 8:05AMArrivals 9:00AM to 9:05AMArrivals 10:00AM to 10:05AMArrivals 11:00AM to 11:05AM127232017233281410333231719432231475232313176 33231719732231478232313179332317191032231471123231317 12332317191332231471423231317153323171916322314717232 31317183329172119351915142027231613212827171922203013 14233019191824222110152536341317262532151327342310142
- 31. 24149210273118212112526192121230261213213342511112143 32621132154126151621632181621217312710162181823171221 92333178220222213182213020111922224241419223322214122 24311718172253024712226232813162272624141422818251418 22936251910230421913212313115181823230241716233282817 16234272220132353024171623630341521237322412152383239 18122394529179240372417162412828171624227222013243302 41716244303415212453224121524632391812247452913192483 92916142493427131225035291116251372214142523529101325 327341511254302214162552521215256282687 Q#9-CH7-Pg319-S02_16 Q#10-Ch7-Pg319-P02_35HouseholdFamily SizeLocation Christopher J. Zappe, Ph.D.: Location of residence within the given city: 1=SW sector, 2=NW sector, 3=NE sector, and 4=SE sector. Ownership Christopher J. Zappe, Ph.D.: 0= rent home (house or apartment) or 1= own home. First Income Christopher J. Zappe, Ph.D.: Annual income of first household wage earner. Second Income Christopher J. Zappe, Ph.D.: Annual income of second household wage earner (if applicable). Monthly Payment Christopher J. Zappe, Ph.D.: Monthly home mortgage payment or rent payment. Utilities
- 32. Christopher J. Zappe, Ph.D.: Average monthly expenditure on utilities. Debt Christopher J. Zappe, Ph.D.: Total indebtedness (excluding home mortgage) in dollars. 1221$58,206$38,503$1,585$252$5,6922620$48,273$29,197$1,3 14$216$4,2673340$37,582$28,164$383$207$2,9034111$56,610 $1,002$249$3,8965330$37,731$21,454$743$217$3,0116410$30 ,434$26,007$991$208$3,7187111$47,969$849$243$5,9078111$ 55,487$752$242$2,7839321$59,947$1,498$256$6,27510610$36 ,970$31,838$991$222$4,84511111$53,113$1,163$251$5,26712 340$27,350$20,969$619$209$2,25613111$48,064$1,434$250$3 ,91814240$29,692$20,617$997$190$87915441$25,853$948$25 4$4,60616311$49,728$1,378$272$5,42717230$49,883$29,240$ 902$201$3,48218411$46,265$1,626$256$6,65819211$49,809$8 34$253$4,23420441$43,640$729$259$5,39321111$57,395$1,47 3$248$4,45622131$52,847$1,038$245$3,99923221$59,486$933 $251$2,59824421$57,577$52,088$903$255$6,26125121$63,825 $1,346$250$5,40226310$66,868$57,974$574$202$3,91127221$ 48,376$39,894$1,407$257$5,88928441$33,646$606$264$4,275 29321$65,241$47,205$699$254$5,73730311$34,531$21,536$98 8$264$5,53831340$18,846$12,196$746$214$1,85232311$49,18 1$35,091$1,510$264$7,02033421$65,276$61,140$1,091$261$7, 21234240$23,597$20,798$402$211$1,79635530$28,851$22,682 $696$225$3,45236321$62,276$31,231$1,548$249$6,42837411$ 42,639$32,912$919$258$4,46938221$35,592$23,074$1,669$24 5$5,51639311$49,777$27,773$1,049$256$5,23940341$21,451$ 13,309$493$259$3,73141731$37,808$28,022$722$286$7,22842 311$56,375$881$261$3,44143521$67,798$33,945$1,424$264$6 ,06744111$29,805$1,161$253$5,46245140$35,289$457$192$1, 73446521$63,354$52,656$1,458$277$6,15347230$30,693$23,0 46$977$199$3,76348221$68,806$1,453$251$4,93049121$66,77 0$1,658$257$6,02550121$59,321$1,664$247$5,31451421$49,9 54$30,758$1,062$260$5,17952221$55,752$37,404$1,660$253$
- 40. 962477131$41,628$1,732$253$5,370478331$46,389$1,780$258 $6,341479211$85,051$1,307$246$5,460480330$46,703$40,502 $1,078$205$3,606481340$33,268$17,587$680$208$1,90948232 1$76,435$40,136$1,009$259$6,806483241$37,450$21,464$618 $248$3,098484130$47,244$638$196$2,896485330$57,525$29,5 14$1,001$213$3,436486341$33,919$31,371$713$259$4,619487 311$50,643$37,465$1,436$261$5,744488130$26,610$999$197$ 1,629489521$52,656$30,422$747$266$6,447490231$49,255$35 ,491$1,280$253$4,684491340$31,142$18,969$400$218$3,4094 92511$39,189$24,834$1,067$275$6,570493340$46,379$26,253 $484$215$1,458494131$42,313$883$248$3,132495211$46,828 $39,596$1,032$246$6,001496310$42,758$34,067$1,184$197$3, 194497521$66,397$54,716$990$274$8,400498221$43,599$33,3 64$1,603$253$5,675499441$25,713$831$266$4,879500141$39, 187$948$251$3,278 Q#10-Ch7-Pg319-S02_35 Q#18-Ch8-Pg342-P08_18EmployeeWork Hours Christopher J. Zappe, Ph.D.: Each worker was asked to report the number of hours he/she devotes to work-related activities in a typical week. 14923535244655565775484994110521137124213441462153716 36175618541953205421472244235324522542266627482849294 63052314932533337345535483652375738373954404941444248 43394448454846504737485349455050 Q#18-Ch8-Pg342-S08_18 Q#21-Ch8-Pg348-P08_21HouseValue Christopher J. Zappe, Ph.D.: Appraised value of house (in thousands of dollars). Price Christopher J. Zappe, Ph.D.: Recent selling price of house (in thousands of dollars). 1119.37121.872148.93150.253130.39122.784135.70144.355126.
- 41. 30… The Small Business Administration’s disaster loan program for small businesses has gotten off to a rocky start, with businesses hit by the coronavirus pandemic complaining about an inability to file their loan applications online. Small-business owners and advocates, including Jen Earle, chief executive of the National Association of Women Business Owners, said loan seekers either couldn’t gain access to the online application site or were bounced off before they could complete their application. In response to the complaints, the agency adopted a new system where loan seekers download application forms and fill them out manually before uploading them onto the agency’s site, according to business owners who are seeking loans. That change meant that business owners who had started the process but not completed it had to re-enter their information a second time. The disaster loan assistance, provided through
- 42. the Economic Injury Disaster Loan program, is among the first steps the SBA took to help small businesses hit by the virus outbreak. The program is separate from the $349 billion in loan guarantees included in the coronavirus stimulus plan passed by Congress and signed by President Trump on Friday. The program allows the SBA to lend up to $2 million directly to each qualified applicant as working capital under a measure signed on March 6. The program has received $7 billion in available funds. Tom Lussenhop, president of U3 Ventures, a real-estate developer in Philadelphia with three employees, said he spent nearly eight hours typing in information onto the agency’s online portal between a week ago Thursday and Saturday, only to see the site crash on Sunday before he completed his application. Since the website relaunched with a new format on Wednesday, he has been working to fill
- 43. out a downloaded application form, worrying that he might be counted twice because of the earlier online account. “It’s frustrating,” said Mr. Lussenhop, who expects his firm’s revenue to fall 40% in April. RECOMMENDED VIDEOS MOST POPULAR ARTICLES DOW JONES, A NEWS CORP COMPANY DJIA 23631.32 0.84% ▲ S&P 500 2778.01 1.02% ▲ Nasdaq 8112.10 0.26% ▲ U.S. 10 Yr 26 32 Yield 0.729% ▲ Crude Oil 23.00 8.33% ▼ Euro 1.0931 0.67% ▲ omer alobaidullah English Edition April 9, 2020 Print Edition Video BREAKING NEWS U.K. Prime Minister Boris Johnson leaves intensive care as his condition has improved, his office said. He remains in the hospital for monitoring. U.S. Small Businesses Struggle With SBA Disaster Loan Applications Owners can’t gain access to agency’s online site or get bounced o too soon The normally busy Main Street in Rockton, Ill., was deserted as small businesses were closed after the state’s governor
- 44. instituted a shelter-in-place order this past week. PHOTO: SCOTT OLSON/GETTY IMAGES March 28, 2020 8:00 am ET By Yuka Hayashi in Washington and Ruth Simon in New York WE WANT TO HEAR FROM YOU If you own or work for a small business, please tell us how your business is being affected by the novel coronavirus. What you are doing in response? What is your biggest challenge? Are you seeking government assistance? If so, how do you plan to use the money? What has been your experience to date? Email us at “[email protected]” and include “small business” in the subject line. President Trump signed an historic $2 trillion bill into law Friday aimed at relieving workers and businesses hurt by the novel coronavirus pandemic. WSJ breaks down what is in the package. Photo: G. Ronald Lopez/ZUMA Wire Who Gets a Piece of the $2 Trillion Coronavirus Stimulus Package Who Gets a Piece of the $2 Trillion Coronavirus Stimulus Package Wisconsin Holds Primary Election Despite Coronavirus
- 45. Pandemic 1. Wuhan Celebrates End of Lockdown With Light Show, but Faces Tough Road 2. The Federal Reserve Unveils $2.3 Trillion in New Lending Programs 3. Trump Says He May Withhold Funding From the World Health Organization 4. Who Pays for Health Care? Depends on Where You Live 5. Safety Advice If You Must Visit the Grocery Store 1.
- 46. Opinion: Trump’s Wasted Briefings2. Haywire Immune Response Eyed In Coronavirus Deaths, Treatment 3. Opinion: Pelosi Holds Up Small Business4. Airbnb’s Coronavirus Crisis: Burning Cash, Angry Hosts and an Uncertain Future 5. WSJ MEMBER MESSAGE Live Coverage: Coronavirus Find all the latest news and insights on the impact on investors, companies and economies. R E A D N O W SAVE PRINT TEXT SHARE Home World U.S. Politics Economy Business Tech Markets
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- 49. https://www.wsj.com/articles/trumps-wasted-briefings- 11586389028?mod=trending_now_2 https://www.wsj.com/articles/haywire-immune-response-eyed- in-coronavirus-deaths-treatment- 11586430001?mod=trending_now_3 https://www.wsj.com/articles/haywire-immune-response-eyed- in-coronavirus-deaths-treatment- 11586430001?mod=trending_now_3 https://www.wsj.com/articles/pelosi-holds-up-small-business- 11586388710?mod=trending_now_4 https://www.wsj.com/articles/pelosi-holds-up-small-business- 11586388710?mod=trending_now_4 https://www.wsj.com/articles/airbnbs-coronavirus-crisis- burning-cash-angry-hosts-and-an-uncertain-future- 11586365860?mod=trending_now_5 https://www.wsj.com/articles/airbnbs-coronavirus-crisis- burning-cash-angry-hosts-and-an-uncertain-future- 11586365860?mod=trending_now_5 https://www.wsj.com/livecoverage/coronavirus That’s when some of his tenants, including a restaurant, are expected to stop paying rent. “It’s not a $10 million loan. It’s a $50,000 loan.” Aaron VanderGalien, senior partner with Deksia, a Grand Rapids, Mich., marketing agency that has 18 employees and has seen revenue fall by more than one-third, said the loan application itself was confusing. Because the loan application is designed for natural disasters, not economic ones, it asks
- 50. borrowers to estimate how much they have lost for categories such as real estate, inventory and equipment. “I have no idea how much money I applied for,” said Mr. VanderGalien, who completed his application March 20. “There is nowhere to put any amount in.” Tony Wright, the owner of WrightIMC, a digital marketing agency in Dallas with 15 employees, called the SBA’s helpline after he was locked out of the system on Tuesday. He was told he was number 757 in the queue; the wait was about 2 hours and 45 minutes, he said. Once he was reinstated, Mr. Wright said he spent seven hours working on his application before he finally gave up for the day. He spent Thursday re- entering the forms and then submitting the PDF, after the SBA had changed its process. “I only received a confirmation on the website that the forms were submitted,” not an email or other notification, said Mr. Wright, who figures business is off close to 50%. “I hope
- 51. they are not lost in the ether.” Write to Yuka Hayashi at [email protected] and Ruth Simon at [email protected] TURBOTAX: TurboTax service code and discount: $5 off for Deluxe Version WALMART: Shop from home with over $50 in Walmart coupons SAKS FIFTH AVENUE: Saks Fifth Avenue coupon - 15% off app purchases H&R BLOCK TAX: H&R coupon: 40% off online tax filing HULU: $5.99 Hulu Originals with Free Trial Promo Code HELLOFRESH: HelloFresh promo code - $90 off SPONSORED OFFERS
- 52. U.K. Prime Minister Boris Johnson Leaves Intensive Care SBA Under Fire for Failing to Get Aid to Struggling Small Businesses New U.S. Unemployment Claims Totaled 6.6 Million Last Week Pfizer Identifies Lead Coronavirus Drug Candidate Airbnb’s Coronavirus Crisis: Burning Cash, Angry Hosts and an Uncertain Future Powell Pledges Aggressive Fed Action; Says Congress Will Need to Spend More to Combat Coronavirus Shock How California Has Avoided a Coronavirus Outbreak as Bad as New York’s...So Far Global Cases of Coronavirus Climb to Nearly 1.5 Million Why Michigan Signaled the End for Bernie Sanders’s Campaign: ‘Nothing More
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