Small businesses may risk backlash for credit card surcharges [Wealth Professional (Canada)]
Mastercard Incorporated (MA)
Last mastercard incorporated earnings: 4/29 08:00 am
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Source: Wealth Professional
Canadian business owners will face a choice between passing on costs to consumers or continuing to absorb themBySteve RandallDec 06, 2022ShareYour business-owner clients now have the ability to reduce the cost of accepting credit card payments – but should they use it?A recent class action settlement means that businesses can offset merchant fees charged by Visa and Mastercard and card processors by adding a surcharge that is paid by customers.It means that, except for in Quebec where consumer protection laws forbid it, businesses will be able to add up to 2.4% to the price consumers pay when using credit cards. Cards are often part ofCanadians’ unconscious spending habitsBusinesses are required to make it clear when they are adding a surcharge to credit card transactions.But while businesses are being squeezed by reduced consumer spending and their own rising costs, is now the right time to start adding to their customers’ bills?According to a survey by the Angus Reid Institute relea
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- 5/10/24 - Form 4
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- 5/10/24 - Form 4
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