According to an article in the on line version of the Dallas Morning News, Dallas, Texas based 7-Eleven hopes to solicit 1 million signatures on petitions calling for Congress to change excessive credit card transaction fees. The petitions should start appearing on the convenience stores’ counters this week.
Convenience stores alone have paid $8.4 billion in transaction fees last year, which is $3.2 billion more than the convenience store industry’s profits.
Merchant911 has contacted 7-Eleven and urged management to make the petition available on line. About 30% of our 3900 members also have brick and mortar stores and could make them available to their customers as well.
These fees are hidden costs that merchants have to pass on to consumers in the form of price increases. Merchants are tired of it and consumers should be too. Convenience stores are hit especially hard because of the large number of low volume transactions that eat into their profits. Merchants are not allowed to set a minimum purchase for plastic. People stopping in to grab a quick snack and paying with plastic end up costing the store money. That causes the price to go up again.
Merchant911 urges everyone to stop in at the nearest 7-Eleven and sign the petition on the counter. We definitely support the goal.
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