The fees charged to merchants for accepting credit card purchases may soon be limited in one state, which might be good news for consumers and small businesses alike.

New Hampshire lawmakers are currently considering a bill that would limit what banks can charge for processing credit card purchases to just 1 percent of a transactions value, according to a report from the Nashua Telegraph. Currently, merchants pay an average of about 1.75 percent of a purchase price but fees range anywhere from 0.67 percent to 4.76 percent, a price the merchant typically doesnt learn until after theyve been charged by banks.

This limit would be applied in addition to the new federal cap on debit swipe fees for major banks, the report said. Read more…