20 Jul 2012

Canadian businesses need credit and debit card fees to decrease

The costs associated with accepting credit cards are piling up for Canadian small businesses and they are affecting their bottom line, causing them to fight back against Visa and Mastercard.

“It could cost me as much as 15 cents to take Visa for one coffee," Sam James, a retailer in Toronto, told the Hamilton Spectator. "That’s 20 percent of my profit margin. I think it’s totally unfair that the merchant pays for the benefits the card companies offer.”

The Canadian Federation of Independent Business is asking for changes to a regulated code of conduct for the credit and debit card industry, which would give Canadian merchants greater levels of flexibility when accepting various forms of payment.

In a recent interview with The Canadian Press, Dan Kelly, president and CEO of the CFIB, told the news source premium credit cards have been the reason for a 30 percent increase in merchant costs.

With Toronto-area merchants being more cost-conscious these days, it is important for business owners to find affordable self storage in Toronto to make sure they have a place to keep their excess supplies.

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