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Idaho retailers deliver credit card petition to senator
By Angela Hawke on Apr 15th, 2010
While consumers deal with their own issues regarding credit card debt, retailers may also be feeling the pinch of fees associated with card transactions.
Recently, convenience store owners in Idaho collected customer signatures in a petition to get Congress to provide new regulations concerning interchange fees. The fees are charged to retailers by card-processing networks like Visa and MasterCard when credit transactions are accepted.
Almost 25,000 signatures were collected in the petition, which was delivered to the office of Idaho Senator Mike Crapo. A similar petition was delivered to Capitol Hill last year care of a nationwide effort from 7-Eleven store owners.
"All we ask is that Congress simply enhance the competition by allowing retailers to negotiate with the dominant banks for the terms and rates of the fees," said Suzanne Budge, executive director of the Idaho Petroleum Marketers and Convenience Store Association.
Other lawmakers have already taken measures to try and help store owners regarding interchange fees. Legislators in Vermont recently passed a bill that would allow retailers to set minimum levels for card purchases, which could help them avoid losses on smaller purchases.
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