As of October 6th, small businesses will be permitted to add a surcharge on credit card purchases to offset processing fees. news creditcard finance Canada
“Most smaller merchants are still on the fence or don’t plan to surcharge as they don’t want to risk losing customers. However, it’s important for them to know they will have this option,” said Corinne Pohlmann, Senior Vice-President of National Affairs at CFIB. “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.
Businesses that often sell to other businesses , like construction, manufacturing and finance/insurance, were most likely to report they will surcharge for credit card usage, while businesses that serve consumers were less likely to say they will do it. Among consumer-facing sectors, a total of 19% of hospitality , 17% of personal services businesses and 12% of retailers intend to surcharge.
Of course, the alternative is for the government to reduce credit card processing fees. The CFIB is subsequently calling on the feds to deliver its 2021 election promise to further reduce ongoing credit card processing fees for small businesses. Furthermore, it says that Quebec should also gave the right to surcharge to offset their credit card fees.
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