Starting October 6th, Canadian businesses will be able to charge customers credit card fees on each transaction.
While the percentage of fees will vary from business to business, customers can expect an added charge anywhere between one and three per cent for cards.
According to CTV News, “The change is the result of a multimillion-dollar class-action settlement involving Visa and Mastercard over what are known as interchange or swipe fees: the money credit card companies, banks and payment processors collect from merchants with every transaction.”
This new change will take into effect across Canada, with the exception of Quebec, where it’s prohibited by the province's Consumer Protection Act.
With the rise of inflation in recent months, this new charge will be able to slightly help small businesses that have been struggling from the aftermath of the global pandemic.
Will this new change make you reconsider how you pay moving forward?