7 Eleven Petitions Congress To Change Credit Card Transaction Fees
Written by Jenna Weiner
The convenience store franchise 7-Eleven is petitioning Congress to change the credit card transaction fees that are crippling store owners and consumers.
Recent franchising news has focused on 7-Eleven Inc. and its battle against credit card transaction fees, with its more than 6,300 convenience stores across the country urging customers to sign a petition to change the "unfair and excessive" fees.
Creative Commons License.'7-11, OH thank heaven!' http://www.flickr.com/photos/[email protected]/524194897
Credit card transaction fees cost American businesses and consumers $48 billion in 2008, and cost store owners almost twice as much as what they earn in profits, according to the National Association of Convenience Stores.
Dallas-based 7-Eleven is leading the lobbying effort to have Congress change the credit card transaction fees system, by prominently displaying a petition at their checkout counters. They will deliver the petition to Congress after earning one million signatures.
"Interchange fees are hurting individual small business operators, which represent more than 75 percent of 7-Eleven stores in the U.S.," said Darren Rebelez, executive vice president and COO of 7-Eleven. "The fundamental challenge is that in most business relationships, both parties have the ability to negotiate, and in this case we do not."
MasterCard, meanwhile, maintains that "real beneficiaries would be the merchants who want to keep the many benefits of card acceptance, while shifting the cost to their customers," they said in a recent statement.
America has the highest transaction fees of any country, with an average of $2 of every $100 spent going to transaction fees, said CSP Daily News.
Share this article
About Our News for Entrepreneurs
If you enjoyed this article, you can find other breaking news for entrepreneurs on our site. We cover important news stories for entrepreneurs. In addition to breaking news for entrepreneurs, we also have tons of how-to articles that cover topics like getting business loans, preparing a marketing plan, getting publicity and much more.
Additional Resources for Entrepreneurs