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7-Eleven Store Owners Battle Credit Cards’ Swipe Fees

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Wall Street Journal:

Dozens of 7-Eleven store owners, in a gambit to call attention to credit cards’ swipe fees, gathered in Washington Wednesday to present Congress with 130 boxes containing nearly 1.7 million signatures in favor of lowering the fees.

The franchisees joined 7-Eleven Chief Executive Joe DePinto and House Democratic lawmakers on the U.S. Capitol grounds to argue the petition drive showed consumers were also frustrated with the fees, which have fueled a major spat between credit card companies and retailers.

“They too want Congress to take action to regulate these unfair fees, which are the highest in the industrialized world,” DePinto said in a statement.

Banks and the credit card network operators Visa Inc. (V) and MasterCard Inc. (MA) dismissed the event as a stunt, saying consumers were fooled into signing the petition.

“This petition is not what it appears to be. 7-Eleven used deceptive language to trick their customers into signing something they thought would save them money,” a coalition of banks and card network operators said in a statement.

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