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Shell announced in mid-April that retailers and wholesalers of fuel supplied by Shell Oil Products U.S. would begin paying lower bankcard-processing fees beginning April 28. Shell says transactions made with MasterCard, American Express and Voyager fleet cards are eligible.
The new rate for a MasterCard transaction is 1.65% of the sale plus 13 cents. It had been 2% plus 10 cents. AmEx transactions will be 2.45% plus 15 cents versus 2.8% plus 15 cents previously. Voyager transactions will cost 2.35% plus 30 cents compared with 2.95% plus 30 cents previously. Shell says a retailer selling 1.8 million gallons of fuel per year will pay $3,100 less in card fees. Merchants pay no fees for transactions made with a Shell-branded MasterCard or Shell Gasoline Card.
Shell also announced speedier settlement. For example, it will settle a transaction made on Monday with the merchant on Wednesday compared with Thursday in the current schedule.
Shell has more than 14,000 gas stations, most of them independently owned and operated, a Shell spokesperson says. Shell declined to identify its payment processor, but previous reports name Dallas-based Chase Paymentech Solutions LLC as the processor. Later this year, Shell will launch a reloadable prepaid card it already has tested. CP
