Visa To Reduce Transaction Fees for Gas Stations

Visa to reduce transaction fees for gas stations - Retail - msnbc.com

"Visa Inc. on Thursday said it will reduce the transaction fees it charges gasoline retailers, who have complained that their profits are being eroded by them...The credit-card company said its changes will lower fees by 14 percent on a $60 fill-up, and by 43 percent on a $120 gasoline sale. Visa also said it would cap its fee for debit-card purchases at 95 cents."

What's this? A break for gasoline stations? Finally credit card companies are responding to the fuel crisis by offering a break to merchants. The next step has to be fuel pump shut-offs that currently are in the neighborhood of $75. Visa thinks it might have the answer with Real-Time Clearing. RTC processes transactions immediately instead of at the end of the day and can enable stations to make better decisions about acceptance procedures.

One of the original benefits of credit cards was the freedom and convenience they allowed. The recent run-up in prices has meant more hassles and less freedom with some gas stations dumping credit cards altogether. Now, we can't have that, can we?