"Last summer, 7-Eleven franchisees and 1.7 million of our customers across the country spoke with one voice to say 'enough is enough' on unfair [image-nocss] debit and credit card fees," said Darren Rebelez, chief operating officer of 7-Eleven, Dallas.
"These small-business owners and their customers can be proud that Congress has listened and included swipe-fee reform in the final financial reform bill. The overall financial reform legislation represents a meaningful step forward for small businesses and consumers nationwide, and we strongly urge Congress to approve the legislation and to send it to the President," he added.
Almost a year ago, thousands of 7-Eleven franchisees asked customers to support their neighborhood stores by signing petitions calling for Congress to reform the unfair, hidden fees charged by banks and credit card companies every time customers pay with plastic.
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Additional efforts by the National Association of Convenience Stores (NACS) led to a cumulative of nearly 5 million signatures delivered to Congress, one of the largest collections of signatures addressing a public policy issue on record.
The Wall Street Reform & Consumer Protection Act includes a provision ensuring that the fees charged for accepting debit cards are "reasonable and proportional" to cost and giving merchants the freedom to give discounts to their customers for using less expensive forms of payment.
"The final financial reform bill is absolutely a win for small businesses like mine and for our customers," said Dennis Lane, a 7-Eleven franchisee from Quincy, Mass.
"We'll be able to lower costs, create more jobs and keep growing and contributing to the economy," he said. "Those of us with Main Street businesses have been urging Congress to do the right thing, and I'm grateful to see they've been listening. Now it's time to get us across the finish line and send a bill to the President!"
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