On the Closing Bell show, 7-Eleven CEO Joseph DePinto told Maria Bartiromo the company is paying "twice the average of these fees that are paid around the world. VISA and MasterCard together have over 80% market share and have been unwilling to sit down with retailers in a meaningful way and negotiate those interchange fees."
CNBC contacted VISA on the matter and they stated " we find it disingenuous that 7-Eleven claims they lack the ability to negotiate acceptance costs with Visa, when in fact they have negotiated with us. Visa has always shown a willingness to collaborate with retailers to develop solutions that help them address bottom-line business objectives."
MasterCard also told CNBC "many consumers may have been duped into signing the petition. A full 75% of consumers said they would oppose the legislation once they understood that it would cost them more through higher fees to use their payment cards."
Usage of credit cards at 7-Eleven has risen through the years. DePinto told Bartiromo "usage was about 20% in 2002. 2008 it came in at about 50%, but we are paying more in fees to VISA and MasterCard even with that increased volume."
Consumer costs may be on the rise, yet perception may not be favorable to 7-Eleven's appeal. In a study released by VISA, 78% of consumers believe the value and benefits retailers receive from accepting credit and debit cards outweigh the costs of accepting them. By a 2-and-1 margin, consumers also say retailers should pay the costs of accepting credit and debit cards.
Donna Burton contributed to this article.
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