Visa Inc. has released a survey showing consumers believe retailers benefit far more from accepting credit and debit cards than they pay in costs. The survey also finds that consumers believe merchants see card cost acceptance as a part of doing business, much like paying for utilities, such as electricity.
“The response is loud and clear: consumers aren’t buying the message convenience store chains and big retailers are selling,” said Bill Sheedy, group president of the Americas for Visa Inc, in a press release. “This research demonstrates that consumers are well aware that legislation is a Trojan horse that likely will lead to higher prices for cardholders while retailers pocket the savings.”
Among the survey’s findings:
– By a 2-to-1 margin, consumers say retailers should pay the cost of accepting credit and debit cards.
– 78% of consumers believe the value and benefits retailers receive from accepting credit and debit cards outweigh the costs of accepting them.
– 83% of those surveyed believe that any savings retailers realize will be used to increase their own bottom lines and will not be passed on to consumers.
– 91% of consumers say they are more likely to shop at stores that accept credit and debit cards.
“Retailers want the best of both worlds-the benefits of card acceptance without paying the costs,” Sheedy added. “This research shows that retailers who are campaigning for checkout fees or uneven legislative schemes that shift the cost of doing business onto the backs of consumers are risking a customer backlash.”