TLP: Better Than Some Asshat Paying For Smokes And Funyuns With A Check

credit card fees
Apparently, there are places that still strongly encourage the use of cash. (My dear JDA has vented on occasion about the MO of San Francisco merchants.) But the trend is clearly toward electronic payments — credit and debit cards. While that's convenient for the consumer, businesses pay a price. And they're not happy about it.

The Huffington Post:
Navdeep Bassi is tired of sending money to Wall Street for nothing. Over the past year, the owner of four 7-Elevens in Orange County, California, has been haranguing his customers about the swipe fees he is forced to pay big banks and major credit card companies, asking them to sign a petition in opposition to the fees.

"When we told them how much we pay, they are very supportive," Bassi said as he crossed Constitution Avenue, headed for the U.S. Capitol on Thursday morning. "They keep coming back to us, asking us what is happening."

Bassi may have good news for his customers when he returns. What is happening is that a coalition of merchants are on the brink of defeating the combined lobbying muscle of Wall Street, community banks and credit unions, which enjoy a system that functions to skim the profits from small businesses across the country.

Bassi convinced 6,000 people to sign on in the store where he works most often. His four stores combined collected 11,000 signatures. In September, the merchants coalition delivered 1.7 million signatures to Washington, said Keith Jones, a top 7-Eleven lobbyist, who is escorting Bassi and two fellow 7-Eleven franchisees around the halls of Congress Thursday following a rally of more than 100 small business owners from across the country. Bassi, said Jones, pulled in more signatures than any other merchant.
Retailers complain about customers who use plastic to make small purchases, with the fees wiping out whatever profit stores might hope to make. But studies — seriously, I'm not entirely lazy — show that consumers tend to spend more when they wield a card than when they're laying out cash. Convenience, it seems, goes both ways.

The Lazy Paperboy

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.

2 comments:

HuffPo has an odd idea of what "forced to pay" means.

Matt - That's the mark of a good lobbyist: getting others (in this case, the reporter) to adopt your way of thinking. So the 7-Eleven owners feel "forced" to pay? That's an easy fix. Stop accepting plastic payments and see what that does to customer traffic and how much they spend.