CFIB is very pleased that Canada’s Competition Bureau is taking a case forward to give merchants more powers to address rising Visa and MasterCard fees. CFIB has worked closely with the Bureau and several CFIB members shared their stories to help further this important case.
Remember the commercial where a seemingly middle-aged couple invites all of their friends to a party in celebration of their retirement, complete with a giant cake and choreography? Well, unless you’re part of the public sector, which represents 20% of the Canadian workforce, this is not your reality.
Every time you pay with a credit card, a percentage of your purchase goes to the credit card company and bank. The more often you pay with a credit card, the more money goes to the credit card companies and banks in the form of transaction fees charged to the merchant... The less income the merchant has available to pay staff, suppliers...sponsor the local baseball team...or even send their own child to summer camp... The fix is easy, though. Just consider paying with cash or debit. Where ever you can, avoid compelling the independent merchant to pay the credit card companies.
With a steady stream of mobile and electronic payment options expected in the days ahead, Canadian small business owners will be bracing themselves for the possibility of another fee grab on the part of banks, credit card companies and newer market entrants.
