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Credit Card Fees To Drop For Canadian Retailers

credit cards

In an effort to reduce credit card fees, the federal government has committed to having credit card companies drop the amount they charge retailers starting in April, 2020 as part of an agreement with Visa and MasterCard. The fees will drop from 1.5% down to 1.4% on averaged.

As well they have promised to remove GST/HST on swipe fees in the future. While this is not a big incentive, it is a directional change from past increases.

Some cautions for convenience store operators going forward:

A) be vigilant to ensure the savings are passed on to you by your supplier

B) be careful of misrepresentation and deceptive sales practices by some suppliers

C) ensure any contract you enter into is fully understood, especially exit fees that are not always well explained.

D) be careful of high pressure sales by third parties who will do anything to have you sigh a contract and are not working directly for the banks.

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*if you have more than one location, please contact our office at 904.845.9152 to discuss multiple store discounts.

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