Settlement in a long-running class-action battle between small merchants, Visa, MasterCard and financial institutions will see new rules come into effect that will allow businesses to add surcharges for customers who pay by credit card
An estimated one in five small businesses is planning to pass on credit-card transaction fees to their customers after new surcharge rules come into effect this week, according to a new survey from the Canadian Federation of Independent Business.
“Merchants have always had to pass on these fees to remain profitable; they’ve just buried them in the costs of goods,” he said. On the other side, businesses that often sold to other businesses were more likely to want to pass on the transaction costs. Those sectors include: transportation ; finance, insurance and real estate ; and construction .
The federal government promised in its 2021 budget to put pressure on the card companies and financial institutions to lower the fee from its present average of 1.4 per cent, but has yet to take action on that pledge.for businesses because customers are increasingly using cards instead of cash. According to Payments Canada, there were six billion transactions made with personal credit cards in 2021, compared with 4.5 billion in 2016.
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