FMI on Innovation in Payments Systems

Promoting and Advancing Petroleum Marketing, Retail Grocery, and Convenience Stores in West Virginia

Driving Local Business and Community Growth Across West Virginia

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OMEGA is a West Virginia-based organization dedicated to supporting and advancing the business interests of the state’s petroleum marketing, retail grocery, and convenience store industries.

As a network of over 225 locally owned businesses, OMEGA actively promotes cooperation, advocates for favorable legislation, and provides education and resources to its members. With over 50,000 employees, OMEGA members significantly contribute to the state’s economy, generating more than 10% of all state taxes and supporting local communities through scholarships, charitable donations, and civic involvement.

OMEGA is committed to fostering industry growth while serving West Virginians with essential services like fuel, food, and convenience.

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Your Essential Connection in West Virginia

OMEGA offers three types of membership: Convenience Store Members, Petroleum Marketer Members, and Grocer Members, all of which play a vital role in providing fuel, food, and essentials across West Virginia. As a liaison with state and national agencies, OMEGA works closely with organizations like NACS, PMAA, FMI, and the N.G.A. to advocate on behalf of its members.

We keep members informed through newsletters, legislative updates, an online resource hub, and educational seminars. Additional member benefits include access to the Encova Workers’ Compensation Discount Program and participation in our annual Trade Expo and fundraising efforts for children’s charities. OMEGA is here to support, advocate, and enhance the success of our industry members.

One of Congress’ many responsibilities is to ensure competition in the marketplace. FMI and member companies appreciate the legislative work that has been done to increase innovation in the payments system, specifically debit transactions. The passing of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act was a step in the right direction of addressing a broken system. Retailers hope Congress will leave the successful Durbin amendment in place so that the American economy will continue to thrive. The following opinion piece appeared in The Hill on September 1, 2016

One of Congress’ many responsibilities is to ensure competition in the marketplace.<img src="http://www.fmi.org/images/default-source/blog-images/fmi-in-the-news.png?sfvrsn=0" data-displaymode="Original" alt="FMI in the news" title="FMI in the news" style="float: right; margin: 10px;" /> FMI and member companies appreciate the legislative work that has been done to increase innovation in the payments system, specifically debit transactions. The passing of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act was a step in the right direction of addressing a broken system. Retailers hope Congress will leave the successful Durbin amendment in place so that the American economy will continue to thrive. The following opinion piece appeared in <a href="http://thehill.com/blogs/congress-blog/economy-budget/294023-why-rollback-competition-now">The Hill on September 1, 2016</a>: Why rollback competition now? By: Jennifer Hatcher, Senior Vice President, Government and Public Affairs, Food Marketing Institute A successful American economy relies on open and free competition. Sometimes, competition get stifled and government must step in to break up monopolies and other anti-competitive schemes. Congress did this in 2010, addressing a broken market by including debit reforms in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. The debit reforms, or “Durbin Amendment”, brought transparency and predictability into a pricing scheme where previously there was none; and required networks to compete for merchant business. These procompetitive reforms are working and Congress should oppose current efforts to roll them back. Prior to 2010, Visa and MasterCard paid large banks to sign network exclusivity contracts. Historically, debit cards had multiple enabled networks that a transaction could be routed through, each competing for merchant routing business. The exclusivity contracts only allowed one network on the card, leaving the merchant with no routing choices. As a result, Visa was able to route 79% of all debit transactions from its ten largest issuing banks. Lack of competition artificially inflated network fees and grocers had no ability to negotiate these costs. <a href="http://thehill.com/blogs/congress-blog/economy-budget/294023-why-rollback-competition-now">See the full story in The Hill</a>.

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Supporting West Virginia Communities

OMEGA members play a vital role in West Virginia, supporting communities through substantial tax contributions and a wide-reaching presence across the state. With over 55% of the population living in border counties, our members are dedicated to serving both local and regional needs. Beyond business, we’re proud to give back, having contributed over $3.1 million to children’s charities since 2003, reflecting our commitment to making a positive difference.