Survey Shows Consumers Don't Want to Pay Interchange
A new survey commissioned by Visa Inc. reports that consumers do not want to pay any fees for retailers to recoup card interchange.
The survey of 1,000 consumers nationwide was conducted by Fabrizio, McLaughlin & Associates over July 20-23. It has a margin of error of +/- 3.1%, the card brand said.
"The response is loud and clear: consumers aren't buying the message convenience store chains and big retailers are selling," said Bill Sheedy, group president for Visa. "This research demonstrates that consumers are well aware that legislation is a Trojan horse that likely will lead to higher prices for cardholders while retailers pocket the savings."
Consumers in the survey told canvassers by a two to one margin that retailers should pay the cost of accepting credit and debit cards and 78% believe the benefits the cards bring retailers justify the cost of accepting them. Further, 83% of consumers surveyed believed that retailers will use any interchange savings not to cut prices but to further expand their profit margins, the brand said. Also, "91% of consumers say they are more likely to shop at stores that accept credit and debit cards," Visa added.