Visa and Mastercard credit cards. (Photo: Vicdemid | Dreamstime.com)

By Canadian Press

Canadian merchants eligible for rebates after settlement with Visa, Mastercard

May 30, 2022 | 9:44 AM

TORONTO, ON – Businesses in Canada may be eligible to claim hundreds of dollars in credit card processing fees following a multimillion-dollar class-action settlement with Visa and Mastercard.

The Canadian Federation of Independent Business (CFIB) says merchants can now apply for rebates on so-called swipe fees charged on transactions dating back two decades.

The settlement comes as the pandemic quickened a shift away from cash toward digital payments as more consumers shopped online.

Corinne Pohlmann, Senior Vice-President of National Affairs at CFIB, says credit card fees have become a growing issue for small businesses in Canada.

Credit cards charge merchants so-called interchange rates, a fee charged on every sale and paid to credit-card companies, payment processors, and banks.

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The CFIB says, while the settlement doesn’t change the fees, it will give merchants the option to pass those charges on to customers starting this fall.

(The Canadian Press)

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