Canadians could face additional fees with some credit card transactions.
The change stems from a class-action lawsuit that was settled in 2018, where Visa Inc. and MasterCard Inc. agreed to alter the no-surcharge rule for merchants. This opened the door to businesses passing on the cost of processing credit card payments onto customers., there is “an absolute maximum surcharge cap that is set at 2.4 per cent.” Visa Inc. has not confirmed on its website what the maximum surcharge cap will look like for card users.
"Small businesses have long been dealing with expensive credit card processing fees and trying to find ways to absorb the cost of accepting premium cards without the ability to surcharge or refuse those cards,” Pohlmann said in the press release.
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