Posted on 10/08/2009 9:48:19 AM PDT by U of IL Conservative
Well, not quite — but it got your attention. Recently, 7-11 delivered 1.6 million petitions to Congress demanding that 7-11 be allowed to charge extra to customers who use credit and debit cards. Never mind that this is asking Congress to rip up a contract 7-11 has signed agreeing not to do this to us.
What’s the issue?
Whenever we go to the store or online to make a purchase...
(Excerpt) Read more at atr.org ...
Thanks!!
< /sarcasm, barely>
If they don't like the bank fees, they can just go to a cash only business. I think they can even give a cash discount now, which is functionally equivalent to a credit/debit card fee.
To be fair to the 7-11 folks, one might remember that not too long ago they were asking for signatures on a petition to cut the fees of card companies. Apparently rebuffed, now they are arguing the other side of the squeeze — let us pass along our costs where they are incurred, rather than making the cash customers bear them too.
So call Congress and let them know your icy, cold vote!
There’s always the free market solution which is to take your business to a 7-11 competitor who isn’t interested in squeezing you.
Some gas stations do the discount-for-cash thing. Why that is not more widespread to other businesses I do not know.
didn’t 7-11 drop Citgo? they can’t be all bad
Some stores just won’t do cards under a certain purchase amount. I do not know if the cards charge fixed transaction fee plus percentage, or just percentage.
You would think 7-11 would be selling things at a cash discount the way they are so preachy about this.
Uh, 7-11's customers already pay whatever costs 7-11 incurs for accepting credit cards.
If 7-11 raised their prices across the board 1.75% who would even notice?
I always buy a Slurpee with cash. Why should I subsidize the folks who want to buy it with a credit card or debit card?
If they do that they will get the mother of all kicks in the head.
Why are you letting 7-11 rip you off more by letting them charge you more for a Slurpee than you should have to pay for them to make a profit?
I love using my credit card for even the smallest purchases. I love the free money I get in rewards.
All Chevron stations have started doing this in Utah. Unfortunately, when their cash price is still higher than the guy across the street, so I get cheaper gas using my debit card by not going to Chevron anyway.
I think I see a tongue stuck in a cheek there bud :-)
Your “free” rewards are only possible because of suckas like me!
I fail to see how accepting cash over credit is less of a pain for a retail business. They have to store the cash to protect it from robbers, then it has to be taken to the bank to deposit it.
If congress does anything about cash/credit card fees, they’ll require an extra fee for cash.
They want to know who buys what and they can’t tell with cash. They may not have direct access to credit card statements, but they can get it now. I’m sure they’d love sneak something into a bill someday to give them constant access.
I would bet they pay more in labor counting all the change they receive in a day than what they're paying credit card companies. Ever closed out a drawer? It's time consuming counting all those pennies and the rest of the change. A credit card spits out a piece of paper that totals the receipts for the day - much quicker in terms of labor cost.
the Dems in Congress are already whipping up a populist jihad against bank fees, it’s their next logical move in a takeover of the economy. (and I know people inside the banking industry who have been trying in vain to warn their bosses for years that sooner or later, a backlash was coming)
Cash isn’t less of a pain, it just lowers the cost of transactions. I did bookkeeping for a small company during one of my years in college and their credit card processing costs were $600-$700 each month. The first month of each quarter was usually above $1,000 because of the larger volume of transactions. I think you would be hard pressed to find that accepting cash cost more than that each month.
They also charged customers an extra 3 percent if they used Discover card because Discover’s fees were higher than the other card companies.
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