{"id":100556,"date":"2022-10-05T14:28:25","date_gmt":"2022-10-05T18:28:25","guid":{"rendered":"https:\/\/mileniostadium.com\/?p=100556"},"modified":"2022-10-05T14:28:25","modified_gmt":"2022-10-05T18:28:25","slug":"canadian-businesses-can-charge-credit-card-fees-starting-oct-6","status":"publish","type":"post","link":"https:\/\/mileniostadium.com\/canada\/canadian-businesses-can-charge-credit-card-fees-starting-oct-6\/","title":{"rendered":"Canadian businesses can charge credit card fees starting Oct. 6"},"content":{"rendered":"<p><a href=\"https:\/\/mileniostadium.com\/wp-content\/uploads\/2022\/10\/mastercard-and-visa-1-6096377-1664931702829.jpg\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-100557\" src=\"https:\/\/mileniostadium.com\/wp-content\/uploads\/2022\/10\/mastercard-and-visa-1-6096377-1664931702829.jpg\" alt=\"milenio stadium - mastercard-and-visa-1-6096377-1664931702829\" width=\"1020\" height=\"575\" srcset=\"https:\/\/mileniostadium.com\/wp-content\/uploads\/2022\/10\/mastercard-and-visa-1-6096377-1664931702829.jpg 1020w, https:\/\/mileniostadium.com\/wp-content\/uploads\/2022\/10\/mastercard-and-visa-1-6096377-1664931702829-300x169.jpg 300w, https:\/\/mileniostadium.com\/wp-content\/uploads\/2022\/10\/mastercard-and-visa-1-6096377-1664931702829-768x433.jpg 768w, https:\/\/mileniostadium.com\/wp-content\/uploads\/2022\/10\/mastercard-and-visa-1-6096377-1664931702829-390x220.jpg 390w\" sizes=\"(max-width: 1020px) 100vw, 1020px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Starting Thursday, businesses in <a href=\"https:\/\/mileniostadium.com\/category\/canada\/\">Canada<\/a> will be able to pass credit card fees on to their customers.<\/strong><\/p>\n<p>The change is the result of a\u00a0multimillion-dollar class-action settlement\u00a0involving Visa and Mastercard over what are known as interchange or swipe fees: the money credit card companies, banks and payment processors collect from merchants with every transaction.<\/p>\n<p>Those fees can range from around one per cent to as much as three per cent for cards, with perks like cash back or loyalty points cutting into business profits.<\/p>\n<p>According to the Canadian Federation of Independent Business, Visa and Mastercard previously restricted merchants&#8217; ability to include fee surcharges or refuse &#8220;premium&#8221; credit cards with higher costs. Some companies,\u00a0like Telus, have already announced new credit card processing fees.<\/p>\n<p>The\u00a0new rule, which allows merchants to pass fees on to consumers,\u00a0goes into effect on Oct. 6. Merchants are required to provide written notice to Visa and Mastercard. As part of\u00a0the settlement\u00a0with the companies, Canadian businesses were also able to claim up to $5,000 in credit card fee rebates.<\/p>\n<p>Despite the change, retail expert Bruce Winder told CTV News Channel on Wednesday he does not believe restaurants or retailers will pass the fees on to consumers on a large scale.<\/p>\n<p>&#8220;A lot of them are quite hesitant because they don&#8217;t want to anger customers in this already inflationary environment,&#8221; he said.<\/p>\n<p>But the bigger issue, Winder said, is that Canadians pay some of the\u00a0highest interchange fees\u00a0in the developed world for credit cards.<\/p>\n<p>Karl Littler, senior vice-president of public affairs for the Retail Council of Canada, said the issue is more of an &#8220;upstream&#8221; problem the government can address by lowering fees overall.<\/p>\n<p>Speaking to CTV News Channel on Wednesday, he offered a more definitive take, saying he sees &#8220;next to no likelihood&#8221; that retailers would add on the surcharge.<\/p>\n<p>&#8220;It is more a hypothetical possibility than a real one,&#8221; he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Starting Thursday, businesses in Canada will be able to pass credit card fees on to their customers. The change is the result of a\u00a0multimillion-dollar class-action settlement\u00a0involving Visa and Mastercard &hellip;<\/p>\n","protected":false},"author":27,"featured_media":100557,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3539],"tags":[3570,7744],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/mileniostadium.com\/wp-content\/uploads\/2022\/10\/mastercard-and-visa-1-6096377-1664931702829.jpg","_links":{"self":[{"href":"https:\/\/mileniostadium.com\/wp-json\/wp\/v2\/posts\/100556"}],"collection":[{"href":"https:\/\/mileniostadium.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mileniostadium.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mileniostadium.com\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/mileniostadium.com\/wp-json\/wp\/v2\/comments?post=100556"}],"version-history":[{"count":2,"href":"https:\/\/mileniostadium.com\/wp-json\/wp\/v2\/posts\/100556\/revisions"}],"predecessor-version":[{"id":100559,"href":"https:\/\/mileniostadium.com\/wp-json\/wp\/v2\/posts\/100556\/revisions\/100559"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mileniostadium.com\/wp-json\/wp\/v2\/media\/100557"}],"wp:attachment":[{"href":"https:\/\/mileniostadium.com\/wp-json\/wp\/v2\/media?parent=100556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mileniostadium.com\/wp-json\/wp\/v2\/categories?post=100556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mileniostadium.com\/wp-json\/wp\/v2\/tags?post=100556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}