Canadian merchants may be eligible to claim rebates after settlement with Visa, Mastercard

The settlement comes as the pandemic quickened a shift away from cash towards 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.

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. Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening.

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