7-Eleven Collect 1.6 Million Signatures on Interchange Petition

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Consumers Respond to 7-Eleven’s Call to Action in Public Policy Petition Drive



Company Calls 1.6 Million Signatures Collected a Referendum for Congressional Action

Editor's Note:  Based on this Visa press release  and the results of a survey they conducted, if Visa were to initiate their own petition drive they would be able to collect double...or 3.2 million signatures   According to that new survey:

• By a 2-to-1 margin, consumers say retailers should pay the cost of accepting credit and debit cards.
  
  


• 78 percent of consumers believe the value and benefits retailers receive from accepting credit and debit cards outweigh the costs of accepting them.
  
  


• 83 percent of those surveyed believe that any savings retailers realize will be used to increase their own bottom lines and will not be passed on to consumers.
  
  


• 91 percent of consumers say they are more likely to shop at stores that accept credit and debit cards.

DALLAS (Sept. 24, 2009) –PIN Payments News Blog -  In what company officials call an overwhelming referendum for Congressional action, 7-Eleven, Inc. today announced its franchisees and store operators have collected more than 1.6 million signatures in the “Stop Unfair Credit Card Fees” petition drive. We believe this marks the largest number of signatures collected for a public policy issue on record.



Thousands of 7-Eleven franchisees across the country asked customers to support their neighborhood stores by signing petitions calling for Congress to pass legislation that prohibits credit card networks and card-issuing banks from charging unfair transaction fees. The signature drive ran from June 22 through Aug. 10 at store counters coast to coast.



“Consumer response to this grassroots petition drive exceeded expectations,” said Joe DePinto, 7-Eleven president and CEO. “Customers share our frustration over the hidden fees that American retailers and, ultimately, consumers are forced to pay. They, too, want Congress to take action to regulate these unfair fees, which are the highest in the industrialized world.”



Interchange fees aren’t transparent to the consumer and assessed to store owners every time a consumer uses a credit card. These charges result in higher prices which are borne by all consumers, whether or not they use a card or cash. In 2008 alone, these fees cost American businesses and their customers $48 billion. According to the National Association of Convenience Stores (NACS) 2008 State of the Industry data, on average, an American convenience store owner paid 63 percent more in transaction fees than they earned in profits.



Credit card companies typically levy more than $2 in fees for every $100 consumers charge at American businesses.



Convenience stores generally have smaller purchases which typically result in much higher rates. For example, with the recently published rate hike by MasterCard, if a customer uses a MasterCard Pin Debit card to make a $1.00 purchase at a convenience store the charge to the merchant would be $0.20, or 20% of the transaction. This will be nearly twice the current rate. Rules set by the card companies require that retailers accept cards for all transactions. 7-Eleven stores are not allowed to set a minimum sale amount for card use which would help them avoid these outrageous fees.



7-Eleven is bringing eight store operators to Washington, D.C. that represent the various U.S. divisions where stores are located so they can present nearly 15,000 petition booklets to their Congressional representative. They will also participate in a press conference on Sept. 30 at the U.S. Capitol.



The store operators, their store locations and the number of signatures collected are as follows:

7-Eleven Franchisee	Store Address	Total # Of Signatures
National Navdeep Bassi	Northeast corner of 204 E. 17th St. Costa Mesa, CA	5,726
Northeast Harshal Patel	8001 Frankford Ave. at Tolbut Philadelphia, PA	4,989
Southwest Matt Mattu	500 W. 7th St. at Olive St. Los Angeles, CA	4,293
Florida Hitesh Patel	1850 Knox McCrea at Barna Titusville, FL	3,450
Central U.S. Dayle Street	4811 South State St. at 4800 South Murray, UT	2,863
Pacific Northwest Sumeet Bedi	5040 148 Avenue NE Near 51st St. Redmond, WA	2,477
Chesapeake area Rene Ayo	6900 Military Highway at Song Meadow Norfolk, VA	1,625
Great Lakes Jon Baloch	31385 Joy Road at Merriman Westland, MI	1,027

About 7 Eleven, Inc.

7 Eleven, Inc. is the premier name and largest chain in the convenience retailing industry. Based in Dallas, Texas, 7-Eleven operates, franchises or licenses approximately 7,800 7-Eleven® stores in North America. Globally, 7-Eleven operates, franchises or licenses more than 36,600 stores in 15 countries. During 2008, 7-Eleven stores worldwide generated total sales of more than $53.7 billion. For 15 consecutive years 7-Eleven has been listed among Hispanic Magazine’s Hispanic Corporate Top 100 Companies that provide the most opportunities to Hispanics. 7-Eleven is franchising its stores in the U.S., and is expanding through organic growth, acquisitions, and its Business Conversion Program. Find out more online at www.7-Eleven.com.



Contact:

Margaret Chabris

7-Eleven, Inc.

972-828-7285

margaret.chabris@7-11.com



Source: Company Press Release