Restaurants Canada members tell us that the high cost of credit card fees continues to eat into their bottom line. That’s why our members are eagerly awaiting the results of the government’s payment system study. This is the message Restaurants Canada and the Small Business Matters Coalition shared with federal Finance Minister Bill Morneau.
What we discussed
In our meeting with Minister Morneau, we made these points:
The study should recommend a cap on interchange fees, which would provide some relief for restaurants and other small business operators.
Other countries with regulated rates have one-fifth the rates of those in Canada. We want to understand why rates in Canada are so much higher.
It’s time to end the myriad confusing rates, and have one, low regulated rate for all.
About the study
Part of the government study is to analyze international payment systems. Study completion is expected by the end of the year.
Restaurants Canada will keep a close eye on this study and update members on any changes.
Visa and MasterCard will soon allow merchants to add a limited surcharge when accepting credit card payments from consumers. See Visa’s statement.