Supermarkets Call for Interchange Swipe Fee Reform
April 19, 2010
Interchange fees for PIN debit cards on the Visa network increased last week, and food retailers aren't happy.
"It is unacceptable that Visa continues to increase fees at a time when our country needs to protect the hardworking Americans who provide jobs in our communities," said Food Marketing Institute (FMI) president and CEO Leslie G. Sarasin. "Swipe fees are hurting small independent businesses and grocers the most because they pay some of the highest rates and have no choice about whether or not to accept debit cards to remain competitive."
"It is unacceptable that Visa continues to increase fees at a time when our country needs to protect the hardworking Americans who provide jobs in our communities," said Food Marketing Institute (FMI) president and CEO Leslie G. Sarasin. "Swipe fees are hurting small independent businesses and grocers the most because they pay some of the highest rates and have no choice about whether or not to accept debit cards to remain competitive."
Here's more from Convenience Store News
FMI Speaks Out on Visa Swipe Fee Hike
April 18, 2010 - ARLINGTON, Va. -- The Food Marketing Institute (FMI) recently criticized a new hike in he interchange fees Visa chargers merchants for PIN debit transactions.
"It is unacceptable that Visa continues to increase fees at a time when our country needs to protect the hardworking Americans who provide jobs in our communities," Leslie G. Sarasin, president and chief executive officer at FMI, said in a statement. "Swipe fees are hurting small independent businesses and grocers the most because they pay some of the highest rates and have no choice about whether or not to accept debit cards to remain competitive."
April 18, 2010 - ARLINGTON, Va. -- The Food Marketing Institute (FMI) recently criticized a new hike in he interchange fees Visa chargers merchants for PIN debit transactions.The organization noted that Visa will increase its interchange fee nearly 30 percent for its Interlink network, which handles the personal identification number (PIN) debit charges.
"It is unacceptable that Visa continues to increase fees at a time when our country needs to protect the hardworking Americans who provide jobs in our communities," Leslie G. Sarasin, president and chief executive officer at FMI, said in a statement. "Swipe fees are hurting small independent businesses and grocers the most because they pay some of the highest rates and have no choice about whether or not to accept debit cards to remain competitive."
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