Washington DC 44% of restaurants face closure crisis, inflation and swipe fees to blame

44% of restaurants in Washington D.C. are on the brink of collapse.

Restaurants cite inflation as the main factor leading to reduced spending, frequency of visits, and tips from customers. Among the survey participants, 91% are concerned about customers' willingness to pay higher prices, and 77% mention the continuously rising credit card swipe fees.

Credit card "swipe fees" have spiraled out of control, totaling $18.7 billion. Meanwhile, a typical local restaurant earns only 3 to 5 cents in profit per dollar. Swipe fees alone can devour more than half of this profit.

Wall Street's big banks have found ways to seize nearly all the "profits" from various industries through swipe fees.

Source: https://www.toutiao.com/article/1829740066207961/

Disclaimer: The article solely represents the author's viewpoint.