ConocoPhillips said its temporary credit card processing fee reduction on all Visa, MasterCard, Discover and American Express transactions has been extended through Sept. 30.
The oil company, which first announced the fee reduction on May 3, said the extension is aimed at helping its marketers compete more effectively.
“ConocoPhillips understands that as part of a strong brand value offering, our credit and debit card fees must remain competitive,” the company said in a statement released to Convenience Store Decisions. “Studies have shown that ConocoPhillips’ bundle of credit and debit card fees has remained historically competitive within the industry. The recent environment of high retail prices for motor fuels has put additional focus on the cost of payment transactions. While credit card companies have not provided relief, ConocoPhillips has chosen to reduce processing fees temporarily to help our customers save money.”
The reduced fee structure is as follows: * Visa reduced from 2% plus 10 cents per transaction to 1.9% plus 10 cents per transaction. * MasterCard reduced from 2% plus 10 cents per transaction to 1.9% plus 10 cents per transaction. * American Express reduced from 2.5% plus 10 cents per transaction to 2.4% plus 10 cents per transaction. * Discover reduced from 2.5% plus 10 cents per transaction to 2.4% plus 10 cents per transaction.