Gas Stations Experiencing Decreased Profits – Despite Higher Gas Prices
Higher gasoline prices are not only a source of constant frustration for consumer wallets, but convenience stores selling gasoline are also finding the higher gasoline prices a major challenge. Increased gasoline prices do not necessarily mean higher profits for retailers as one might think- instead, the higher gas prices result in higher costs that actually reduce profit margins for gasoline retailers- particularly due to the increase in the amount of credit card fees paid.
As US gas prices continue to steadily climb, more people are choosing to pay at the pump with credit and debit cards. What was once mainly a matter of convenience for consumers in a hurry- credit card, debit card and speed pass gasoline payments have become the preferred method of payment for gasoline by most consumers.
This trend for credit or debit card payment preference for gasoline purchases was shown in a February 2007 study conducted by the National Association of Convenience Stores, which revealed that in the year 2005, credit card fees cost an average of about $45,785(USD) for convenience stores...
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