17 Jul 2012

Canadian small businesses call for credit card revamp

Canadian small business owners are calling for more stringent regulations on the credit and debit card industry, hoping the Canadian government will change the way businesses are forced to handle these forms of payment.

The Canadian Federation of Independent Business, which is comprised of more than 100,000 business owners, says that new rules need to be put into place governing how retailers pay the major card companies, according to The Canadian Press. All businesses that accept credit cards pay fees to the companies that make the cards in order to process the payments. However, the card companies charge different fees depending on the exact type of card that's used – credit cards cost more than debit due to the risk that the card company may not be paid back.

Under Canadian law, business owners cannot treat these cards any differently, or charge a surcharge to customers to help shoulder the burden of these fees. This could change soon, however, thanks to a landmark ruling in the U.S. that ordered Visa and Mastercard to pay out nearly $6 billion to retailers. These business owners will also be able to add a small surcharge for people who use credit over debit.

With the fees some retailers have to pay, it's easy to see why they want a break from the government. In the meantime, Canadian small business looking to save money may want to invest in workspace storage.

From Toronto's leading self storage facility comes Jiffy Workspaces for small businesses, start-up offices for multi-services, eBay Power Sellers and merchandising businesses. These air conditioned incubator spaces are available with internet and can serve as a fully-functional workspace. Storage-on-demand is a great feature for any start-up businesses that needs seasonal or monthly storage to match their business office needs and only Jiffy Self Storage offers this unique service.

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