As a result of the substantially lower interchange fees the company will realize by shifting payments away from bank-issued credit and debit cards, Murphy USA will reward consumers using the card with a one cent per gallon discount at the pump.
US petrol retailers on average pay about 2% of the cost of each card-based transaction, which has dramatically impacted margins as the cost of petrol has increased. Credit and debit interchange fees were expected to be more than $40 billion in 2006, according to the National Retail Federation, up from $30.7 billion in 2005.
Tempo’s nationwide payment network enables us to reduce certain transaction costs and share the savings with our customers when transactions are processed through Tempo, said Bryan Botkin, manager of special services for Murphy USA.
Murphy USA debit card holders will also be able to use the card for purchases at more than 200,000 merchant locations in the US that participate in the Tempo Payment Network.
