The NACS vice chairman of government relations said that high interchange fees are distressing US-based small businesses in the convenience and petroleum retail sector. He noted that such small businesses account for more than 60% of the US’s convenience store industry and sell around 80% of the gasoline in the country.
The news source reported that credit card interchange fees in the US average around 1.75% of each transaction, almost three times the European rate and four times the Australian rate. The US fuel retailer reportedly incurs around $0.06 to $0.08 per gallon in interchange fees.
Mr Robinson said: The impact on my industry is incredible. Every time you buy gasoline, the station you are buying it from is paying more than twice as much money in fees than it is making; and every time gas prices go up, the card fees go right up with them. These fees have simply taken over our industry.
