(Dec. 10/14) Visa and MasterCard have released more details of their rate cuts, following their Nov. 4 announcement to reduce interchange fees for the first time.
Restaurants Canada has compiled the credit card fee changes most relevant for foodservice operators. Although the cuts are not as big as we requested, the relentless rate hikes of the past eight years have ended and members can enjoy stable fees for the next five years.
Visa and MasterCard’s decision to lower rates follows years of Restaurants Canada pressure on both companies, and the government. Our demands for a government-regulated solution forced these companies to voluntarily reduce fees.
Restaurants Canada will monitor the rollout of new rates in April 2015. We want members to fully benefit from the rate cuts, and will make sure they are not recouped by the credit card companies elsewhere. We will also keep fighting to stop credit card companies from profiting off the sales taxes restaurants collect for government.