Credit Card Transactions Could Now Include Processing Fees
The Alex Pierson Show · 640 Toronto / Curiouscast
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Show Notes
Canadians may see a jump in the number of businesses applying credit card use surcharges as restrictions on the practice lift today. Businesses secured the right to add a surcharge, which they have to disclose, to credit card transactions as part of a class action lawsuit against MasterCard, Visa and Canadian banks. A report from the Canadian Federation of Independent Business found that 19 per cent of small businesses are considering an added charge for credit card transactions to offset processing fees, while 26 per cent of respondents said they will add a surcharge if their competitors or suppliers do. We spoke with Julie Kwiecinski, the CFIB’S director of provincial affairs for Ontario, about how lumping on these fees to the consumer will impact the day-to-day business.
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