The Globe and Mail reports in its Wednesday, March 27, edition that Visa and Mastercard have settled with U.S. merchants to end almost two decades of legal disputes over fees charged for every card transaction. An Associated Press dispatch to The Globe reports that the proposed agreement aims to reduce and cap the fees charged by Visa and Mastercard, enabling small businesses to collectively bargain for rates with the payment processors in a similar way to large merchants. While industry groups for both small and large retailers acknowledge the settlement as a positive development, they emphasize that more needs to be done to address the current swipe-fee situation. It is worth noting that the reduced fees will only apply for a limited period of three to five years, after which they will return to their current levels. National Federation of Independent Business vice-president Jeff Brabant says the settlement is a step in the right direction, but it "does not solve the long-term anti-competitive rate-setting practices that are the root of this problem." He says with Visa and Mastercard setting the interchange rates for all banks, "small businesses will continue to pay artificially high rates."