Consumer Payment Card News

Gas & Plastic

Gas station owners are beginning to ban credit card acceptance asserting that credit card companies make more money than they do from each sale. This week a West Virginia gas station says it can no longer able to afford the high surcharges that gas retailers have to pay to credit card companies. The station claims nearly 98 cents for every $50 of gas pumped goes to credit card firms. As a result, the station will now only accept surcharge-free Chevron and Texaco cards. Funds disbursement at a typical gas station show labor requires 32% while credit card surcharges made up 10.5%, a higher expense than health insurance and payroll taxes.

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