CFIB speaks out against Visa fee hikes
October 30, 2012 By Canadian Garden Centre & Nursery
Oct. 30, 2012, Toronto — Small businesses should brace for another round
of credit card fee hikes, the Canadian Federation of Independent
The CFIB issued the warning following an announcement that Visa Canada plans to increase the fees it charges card processors. These “assessment” fees may be passed on to merchants, sometimes at a mark up. The fee increases are scheduled to go into effect in April 2013.
“At a time when small businesses are struggling in an uncertain economy, Visa is about to implement a one-third increase in its slice of the fees small firms pay to process credit card transactions,” said Dan Kelly, president and CEO of the CFIB.
Visa Canada also plans to introduce a new premium credit card for top spenders. The new card will carry higher fees for merchants than the existing premium Visa Infinite brand of cards. Banks will be able to start issuing the new cards in the fall of 2013.
“Unfortunately, Visa appears to have ignored the huge negative impact premium credit cards had on small merchants across Canada,” said Kelley.
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