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 second-highest operating cost for the industry. NACS has long advocated for fairness and a competitive marketplace for payments in the United States.
Enacting the Credit Card Competition Act would bring long overdue competition to credit cards through market-based reforms.
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.
Without federal legislation, rounding cash transactions could put retailers out of compliance with certain laws and threaten legal action.