My local gas station recently stopped taking all credit cards and debit cards.I asked them why. The answer shocked me.
All credit card companies charge retailers a % to accept their cards. They charge fees for the equipment to scan the cards. They charge fees just
because they can. All these fees are raising costs.The highest card is American express they charges $.50 per transaction plus 7%. If a guy stops
in and buys a $.99 drink with an American Express card the store has to pay $.57 to American Express! The same goes for a gallon of gas. A $3 dollar
gallon of gas, with a 4 cent markup, if paid for with a credit can cost as much as $.71 to store. At 4 cents a gallon markup they lose $.67 !
They can't afford to do this so they are raising prices. If anyone has any links or anything to add I would a appreciate it. I think more people
need to become aware of this to fix it.
wahshington post article
[edit on 3-10-2005 by IXRAZORXI321]