A settlement with Visa and Mastercard, means most businesses in Canada can now add a surcharge on credit card transactions. Read more
Whether you are an entrepreneur or aspiring to be one, the Financial Post would like to help by answering your questions on small business in this uncertain economy. Today, we answer a question from Robert Sweep about credit-card surcharges.Article contentSign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
In order to add a surcharge on Mastercard payments, merchants are required to notify both Mastercard and their “acquirer,” which is the bank or financial institution that processes the credit-card payments, at least 30 days before first implementing it. They can do this by accessing an, which Mastercard launched on Sept. 6, and also notifying the acquirer separately. For Visa credit cards, merchants must provide a written notice to their acquirers at least 30 days prior.
While some merchants have already filed their notices to surcharge, Brasil said she expects most will not do so right away, and instead will watch and see how the public reacts before deciding to add the charge or not. While a merchant might pay 1.96 per cent on a typical standard card, premium credit cards that charge the highest interchange fees, such as the World Elite or Muse Mastercard, can require as much as 2.54 per cent of the bill, according to Mastercard Canada.Article content
Corinne Pohlmann, the group’s senior vice-president of national affairs, said some merchants may consider this option to help address costs that have substantially increased over past years, even as many still struggle with COVID-related debt.
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