In Canada, merchants pay much more than businesses in other parts of the world for accepting credit card payments.
Canadian Press/Lars Hagberg
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Canada's small- and medium-sized enterprises (SMEs) are at the heart of our economy. These vital businesses are facing a serious challenge, however: their costs are skyrocketing due to the excessive credit card processing fees. Canada's small business owners pay some of the highest credit card processing fees in the world.
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If you want to know what's bugging the average small business owner, ask for his or her opinion about the credit card processing fees. Every time you buy something with a credit card, it costs the merchant. And here's the rub: Visa and MasterCard rules say that merchants must accept all the cards within their brand. That isn't fair, and consumers are paying the price for premium cards. Instead of charging the cardholders a bit more, merchants are forced to raise their prices on everyone to make up the difference.