TUCSON, Ariz. -- Bruce Maples, chairman of the National Coalition of Associations of 7-Eleven Franchisees (NCASEF), said in an exclusive interview with PYMNTS.com that under the Federal Reserve's debit interchange-fee reform, "the cost for a debit-card transaction for the average store will decrease by almost half," and that "most enterprising storeowners will apply the swipe fee savings to lowering product costs in an effort to be even more competitive in the marketplace."
While financial institutions, card issuers and others on the opposite side of the interchange-fee [image-nocss] issue from convenience store/ gas station operators and other retailers often contend that retailers will not pass the savings on to consumers, Maples contended that "the reform will save each franchisee in the country almost 50% of the cost of a debit transaction, which ultimately will be passed on to the customer, in an effort to be more competitive or used by the franchisee to grow their business or hire new employees."
He added, "Most enterprising storeowners will apply the swipe fee savings to lowering product costs in an effort to be even more competitive in the marketplace. Lower swipe fees enable us to give our customers the best cost of goods possible and to grow our businesses by adding employees. Unregulated swipe fees eat away at our revenue and prohibit us from hiring more employees and becoming more involved with the communities we serve."
Tucson, Ariz.-based NCASEF is a professional trade group that represents the owners of more than 5,000 franchised 7-Eleven stores nationwide. Maples has been a 7-Eleven franchisee since 1988 and an active coalition board member since 1989. He is also president of the Tucson Franchise Owner's Association. Previously, Maples served six years as southwest regional chairman of the coalition, five years as a 7-Eleven National Advisory Council member and as chairman of the Arizona Food Marketing Alliance.
Click here to read the full PYMNTS.com interview.
(Andclick here for previous CSP Daily News coverage of the swipe-fee issue.)
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