“This week’s news from the U.S. Department of Treasury shows that the federal government can’t catch a break on interchange rates and American taxpayers foot the bill. Americans are paying millions of dollars every year in credit and debit card swipe fees. According to the report, federal agencies accepted more than 80 million credit and debit card transactions totaling $8.6 billion in 2009. Interchange and other fees cost the government more than $116 million last year.
“If even the U.S. government cannot negotiate with the credit card company giants, then clearly an independent grocery store owner must pay whatever fee the credit card networks impose. When an industry operates on a low profit margin of 1 to 2 percent, it is the customer who pays these fees,” said Hatcher.
Food Marketing Institute proudly advocates on behalf of the food retail industry. FMI’s U.S. members operate nearly 40,000 retail food stores and 25,000 pharmacies, representing a combined annual sales volume of almost $770 billion. Through programs in public affairs, food safety, research, education and industry relations, FMI offers resources and provides valuable benefits to more than 1,225 food retail and wholesale member companies in the United States and around the world. FMI membership covers the spectrum of diverse venues where food is sold, including single owner grocery stores, large multi-store supermarket chains and mixed retail stores. For more information, visit www.fmi.org and for information regarding the FMI foundation, visit www.fmifoundation.org.
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