Convenience Store Cashier's Pants on FIRE!!

[pachiefbrody]

Sounds lke the debit card companies are saying if they can't charge outrageous fees to the merchants they will take it from the consumer. Doesn't matter either wayto me, i'm sure the merchants already take the fees they pay to debit card companies into account when they set their prices. Either way the consumer pays, the rich get richer for doing nothing but screwing us.

[ShishKaFreak]

I work at 7-11 and this is totally unfair: We would NEVER charge somebody $5.00 for a soda. A case, yes. 1 soda, no.

[PikesPeakOcean]

It's not the convenience store cashier's fau;lt, he does what the corporation tells him to do if he doesn't they can fire him

[jamchhina]

okk so why the fucking cards charge money to owner

[Secrenja]

Don't want to pay? Don't shop there. Buy your unessentials at some other location.

[Paypride12]

September 29, 2009 "Recent research found, that many consumers may have been duped into signing the petition. While initially many consumers said they would support legislation to regulate merchant fees, that support dramatically shifts to opposition once consumers understand the truth. 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."

- Mastercard 7-Eleven Petition Press Release

[thomasdemko69]

Obama sux

[1967DollarBill]

FINDINGS OF INTERCHANGE FEE STUDY

FRIDAY, September 18, 2009 - The Merchants Payments Coalition released a study this week outlining interchange fees in other countries. The MPC reported that if U.S. merchants had paid the same rate as Australian merchants, the U.S. merchants would have saved $125 billion since 2005. Further, the U.S. rate is twice that charged in the U.K. and New Zealand, and more than six times the cross-border rate charged in the European Union, the study says.

[iknowwhatsright1]

These stores are trying to scam us....we need to go to the dontmakeuspay website and sign the petition.

-I know what's right

[MarsEsRojo]

I work at one. And I have no idea what this video is talking about. Hahaha.

[PhreshOo]

Wow im sorry this was not funny u just wasted my life thx alot..

[lover653]

Wat  the heck that was soo dumb i just wasted 89 seconds of my life

[Paypride12]

With all due respect, I think that I do know my facts and I find it hard to believe that it was the banks who pushed gas to $4 a gallon last year, let alone with the intention of "mak[ing] out like bandits." Additionally, we are not dealing with banks at all but rather consumer credit companies. Let's please stay on topic.

[Paypride12]

Not true man. Even though they're franchised, they're still eligible for huge resources from their parent companies. The ones making money on this transaction is the convenience stores. I don't want to lose my credit card because merchants won't pay their fees!

[utubergreenville]

Convenience stores have very low profit margins (around 30% on inside and 4% on gasoline). Credit card companies (made up of 10 member banks) are the crooks in this debate. Last year the banks made more in credit card fees than the convenience store industry made in total. Additionally, outside the U.S. merchants pay 1/3rd what U.S. merchants pay in credit card fees. Those governments recognize a monopoly when they see it.

[Tdubvid]

Since when is 30% a low profit margin? Wow.

[utubergreenville]

I'm in the business and you're right, 30% was a high estimate. Actual gross margins are more like 20% on most items. We can make 30% on some items like coffee.

My annual net margin is less than 1%. My point was the credit card companies are making more profit than the store operator which, I think, is unreasonable.

This video was put out there by credit card companies attempting to represent merchants in a bad light.

[Tdubvid]

You mean kind of like a petition in a convenience store trying to represent credit cards in a bad light, misleading their customers to think that interchange is just another credit card fee? As someone in the business, you know better than anyone that for the guaranteed payment you get, the increased sales, and the near instant liquidity, 1-2% is entirely reasonable. Convenience stores have a long history of pushing customers to use credit because they profit in the end!

[utubergreenville]

I've been forthright in admitting that I'm in the c-store business, your turn, what line of work are you in? I'd agree that 1% or a flat transaction fee is reasonable. The current charge is more like 3 - 4%. The banks made out like bandits when gas went to $4 last year. I don't know about you but in a free market, I can't dictate my margin in a closed meeting. This system is broken and you're just mouthing the propoganda that the banks are giving you. Know your facts.

[Tdubvid]

FACT: Average interchange rates in the U.S. are 1.7%. Merchant discount fees are around 2.1% average. You should negotiate a better rate with your bank or card processor.

[utubergreenville]

FACT:

European merchants pay .7%

Australian merchants pay .6%

Again, what line of work are you in?

[Tdubvid]

You can't say Fact if it's a lie.

FACT: European merchants pay about the same as US merchants - more in many countries. They have a different model of pricing, so the interchange portion of the merchant discount fee is lower in Europe, but the other portion of the fee is higher, making the total amount merchants pay about the same. This is propoganda coming from the convenience store lobby.

[utubergreenville]

If it's a lie, why don't you post what the Euuropen and Australian rates are? American merchants pay more than they should, period.

[Paypride12]

Please google news the following text to find an article in the New Zealand Herald (one of the largest newspapers in New Zealand) to see how consumers have now been forced to foot the bill for retailers after similar legislation:

Shoppers face extra cost for card use

4:00AM Thursday Aug 13, 2009

By Isaac Davison

New Zealand Herald

Using credit cards may cost extra, now that Visa has settled a price-fixing case with the Commerce Commission.

I rest my case. . .

[utubergreenville]

Interchange is only part of the fee you charge. With transaction fees and chargebacks you are taking more like 3 - 4%. I know because I pay it. Btw, since I pay it, am I your customer? If so, your customer service sucks.

[utubergreenville]

I do like many things about credit cards but you have gotten greedy with the interchange rates you charge. I find it interesting how you justify these fees. Isn't the market supposed to determine what is fair? I would argue that the C-store industry sells products and services in a relatively open and free market. Your interchange rates are set in monopoly fashion behind closed doors. It's nice that you get to define what is reasonable.

[Tdubvid]

Please. This issue has been litigated to death, and has found repeatedly that there is no basis for your claim. Stop whining - you make more profits, more sales, and get guaranteed payment. It's only fair you pay the few pennies on the dollar for this service. It's not free, and not fair to charge your customers for something that benefits YOU.

[aardvarkcomm]

Hello. YOU got suckered by the credit card companies! These convenience stores are owned by entrepreneurs! The middle class folks. The credit card companies smack it to small business by strong arming them and making them pay ridiculous fees. Wise up.

[Tdubvid]

So, you would rather pay for the convenience stores' fees? Out of the goodness of your heart? Seriously? I already pay my fees. They get more sales, more profits, by accepting cards. They should pay - not me - the measley 1-2% it costs to accept them for the guaranteed payment and the increased profits they get from this service. They've suckered you by trying to play on your sentiments of the credit card industry. Don't be blinded by your hatred! They're trying to pull a fast one on you

[C2Silver]

Dude - what bank or lobbyist do you work for? I've viewed this 5 times, looking for one shred of truth - still looking. The cash register isn't even PCI compliant - look out, MasterCard will fine you! All in all, a fine piece of propaganda worthy of Joeseph Goebbels.

[Tdubvid]

hyterical!!! I've seen this petition in 7-Eleven. I KNEW it was a bunch of crap. Anyone who signed that is crazy to believe them.

[utubergreenville]

Yeah, banks have proven they are much more believable and responsible than the neighborhood convenience store operator.

[Paypride12]

dude, can you believe this? They did the same thing in Australia and now they're making more money and prices haven't changed at all!!! I'm totally joining that petition