03.15.2010 Convenience Stores Take A Swipe At Interchange Fees
When customers pull up to one of Leo Vercollone’s two dozen gas stations across Massachusetts and use a credit card, it may be convenient for the customer, but it equates to money out of Vercollone’s margin.
While pay-at-the-pump credit card machines have made getting gas more convenient for customers, interchange fees charged by credit card companies to use plastic cards are forcing owners to pay up. And the result is a nationwide call by convenience and gas station operators for the U.S. Congress to reform how credit companies charge so-called “swipe fees.”