Business groups are urging merchants to sign up for a multimillion-dollar class-action settlement with Visa and MasterCard over credit-card processing fees.
Larger merchants can claim more money from the $131-million settlement fund, but are required to submit supporting documentation. Corinne Pohlmann, senior vice-president of national affairs at the Canadian Federation of Independent Business, said the settlement is positive for small businesses, but more work remains to bring down the cost of transaction fees.
Visa and MasterCard have for years included clauses in their agreements with merchants that forbid the stores from passing on transaction costs to customers. Business groups said they were not sure how many merchants would actually make use of the surcharging power, as it would end up raising costs for customers.
As well, he said he was worried that the federal government could use the surcharge power as a way to avoid tackling the larger issue of high fees.
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