Canadian businesses can now add credit card surcharges as restrictions lift
But the group says consumer-facing businesses are less likely to pass on costs over concerns they will lose customers, so credit card surcharges will be more common among businesses that sell to other businesses.Money matters: Helping you avoid falling into bad habits with debtResearch by the Bank of Canada last year found that consumers already pay extra for the privilege of credit card use, as most merchants pass on the cost of credit card processing in their retail pricing.
The working paper found that consumers likely pay anywhere from $17 to $52 a month in credit card processing costs, passed along in the form of increased prices.
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