Swipe Fees and Payments
Convenience stores process approximately 160 million transactions a day, most of which are on payment cards. The swipe fees charged to retailers every time a card is used in their stores is the 2nd highest operating cost for the industry. NACS has long advocated for fairness and a competitive marketplace for payments in the United States.
The Credit Card Competition Act would inject long overdue competition in the credit card market, requiring Visa and Mastercard to compete on fees and services.
While the convenience store industry supports the Federal Reserve’s proposal to lower the rate on debit swipe fees, the proposed rate did not go far enough.
In the convenience industry, a major threat is credit card fraud and theft. Legislation involving data breach notification and data standards impacts retailers who pay for most of the fraud that occurs on payment cards today.