Businesses in Canada will soon be able to pass credit card fees on to their customers, thanks to a multimillion-dollar class-action settlement involving Visa and Mastercard.
The change is the result of ainvolving Visa and Mastercard over what are known as interchange or swipe fees: the money credit card companies, banks and payment processors collect from merchants with every transaction.
Those fees can range from around one per cent to as much as three per cent for cards, with perks like cash back or loyalty points, cutting into business profits. According to the Canadian Federation of Independent Business, Visa and Mastercard previously restricted merchants' ability to include fee surcharges or refuse "premium" credit cards with higher costs. Some companies,
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Blue Jays' home field advantage to bring fall boost to Toronto businesses - BNN BloombergA clinched playoff spot with home-field advantage for the Toronto Blue Jays will bring a much-needed boost to businesses in Toronto and across Canada this fall.
Read more »
'Abnormally' warm, record-breaking temperatures kick off October on Vancouver Island: Environment CanadaOctober is off to a hotter-than-usual start on Vancouver Island, with above-average summer-like temperatures sticking around all week.
Read more »
Probe reveals toxic culture within Rowing CanadaAthletes say beneath the surface of Rowing Canada is a toxic environment within the national organization, which prompted a third-party investigation.
Read more »
Hockey Canada needs new leadership, treated sexual assault as an ‘insurance problem,’ says minister of sportFederal Minister of Sport Pascale St-Onge said sexual violence “needs to be addressed right at the root” while Bloc, NDP members call for greater scrutiny of Hockey Canada after revelations of second fund for sexual assault claims
Read more »
Canada to sanction 25 Iran officials and morality police after Mahsa Amini death – Terrace StandardSanctions freeze Canadian-held assets and ban some individuals from entering Canada
Read more »