Credit Card Companies Are the New Darth Vader
As if retail wasn’t bad enough, credit card companies are raising interest rates on individuals and business that have in the past been good credit risks and paid their bills on time. The banks and merchant service companies need to make a little money to handle the transaction, but the credit card companies are almost a monopoly and do whatever the hell they want. Every time, you as a retailer take a credit card through your POS software, you are probably being charged a rate dictated by Visa, MC and AmX that is too high.
7-Eleven is fighting back and using its 6,300 U.S. stores to send a message to Washington and the credit card industry. Starting this week, the Dallas-based convenience store operator hopes to solicit 1 million signatures on petitions calling for Congress to change what the chain says are unfair and excessive credit card transaction fees. Credit card companies charge retailers a fee for every transaction. The size of the purchase doesn’t matter. And retailers have no power to negotiate the fees, they say. Don’t blame the POS software companies that work hard to keep you PCI DSS compliant and give you good value. It’s the big boys and their lobbyists that are the problem.