Visa Inc. has joined MasterCard Worldwide to attack some of the claims that the 7-Eleven convenience chain is making about its recently delivered petition on card interchange.
Members of Congress received the nearly 1.7 million signatures on Sept. 30. The brand said they represented the views of consumers who want Congress to force a cut or cap on credit and debit card interchange.
But Visa claimed that most signed the petition under a mistaken impression of what they were signing.
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"Members of Congress and the public should not be fooled by the motives behind the petitions being delivered to Congress by the CEO of 7-Eleven," the card brand said. "This deceptive campaign is really about some retailers trying to take advantage of the public by having them support legislation that would ultimately shift retailers' costs of doing business onto consumers in the form of checkout fees, also known as surcharging. Visa's own research shows consumers don't buy what the convenience store chains and big retailers are selling."
The card brand pointed to some of its research that showed 78% of consumers believe the value and benefits retailers receive from accepting credit and debit cards outweigh the costs of accepting them by a 2-to-1 margin, consumers also say retailers should pay the cost of accepting credit and debit cards.
"Consumers clearly understand that retailers benefit greatly from electronic payments whether it is through guaranteed payment, increased security, acceptance, innovation or even store-brand cards that help build customer loyalty," Visa said, adding: "We also find it disingenuous that 7-Eleven claims they lack the ability to negotiate acceptance costs with Visa, when in fact they have negotiated with us."
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