Close X
Monday, September 23, 2024
ADVT 
National

Visa, Mastercard agree to cut fees they charge merchants who accept credit cards

Darpan News Desk The Canadian Press, 04 Nov, 2014 10:25 AM

    OTTAWA — The federal government has announced a voluntary agreement by Visa and Mastercard to reduce merchant credit card fees to an average effective rate of 1.5 per cent for the next five years.

    Finance Minister Joe Oliver says the reduction amounts to a 10 per cent rate cut, and that it should result in lower prices for consumers.

    Some critics, however, have questioned that prediction.

    Compliance with the agreements, which are expected to take effect by next April, is to be verified by an independent third party.

    American Express did not submit a proposal to reduce rates as it uses a different business model than Visa and Mastercard.

    The Canadian Federation of Independent Business says while the cuts are not massive, small merchants will be happy that they will see a reduction after years of spiking credit card swipe fees.

    Visa and Mastercard have committed to cutting what are known as interchange fees, which are charged to merchants when a customer uses a credit card to make a purchase.

    Businesses had complained the fees were continually rising, especially when their customers use so-called premium credit cards that offer reward points to cardholders.

    MORE National ARTICLES

    Should Canada Allow Contraceptives For Dogs And Cats? Yes, Says One Vet

    Should Canada Allow Contraceptives For Dogs And Cats? Yes, Says One Vet
    One day, sterilizing your pet could be as simple as taking them to the vet for their annual shots. For Dr. Judith Samson-French — who jokingly calls herself "the queen of contraception" — a less-invasive alternative to putting Felix or Fido under the knife should be an option that any veterinarian in Canada could offer.

    Should Canada Allow Contraceptives For Dogs And Cats? Yes, Says One Vet

    Pope Francis Says Thanksgiving Mass For 2 Saints Who Spread Faith In Canada

    VATICAN CITY - Pope Francis held a Mass of thanksgiving alongside Quebec Cardinal Gerald Lacroix on Sunday for the canonization of two 17th-century missionaries who spread Roman Catholicism through what is today Canada.

    Pope Francis Says Thanksgiving Mass For 2 Saints Who Spread Faith In Canada

    No Plans To Lift Restrictions On Gay Blood Donors: Canadian Blood Services

    No Plans To Lift Restrictions On Gay Blood Donors: Canadian Blood Services
    MONTREAL - The agency responsible for Canada's blood supply says there are no immediate plans to further relax restrictions on gay and bisexual blood donors despite the fact officials are testing the waters on the idea.

    No Plans To Lift Restrictions On Gay Blood Donors: Canadian Blood Services

    PM Harper sets November date for federal byelections in Ontario and Alberta

    PM Harper sets November date for federal byelections in Ontario and Alberta
    OTTAWA - Prime Minister Stephen Harper has set Nov. 17 for two federal byelections in Ontario and Alberta, including the seat occupied by late finance minister Jim Flaherty.

    PM Harper sets November date for federal byelections in Ontario and Alberta

    Lax climate policy hasn't resulted in 'energy super power' status for Canada

    Lax climate policy hasn't resulted in 'energy super power' status for Canada
    OTTAWA - When the federal environment commissioner reported this week that Canada would not meet its 2020 international commitment on greenhouse gas emission cuts, no one was surprised.

    Lax climate policy hasn't resulted in 'energy super power' status for Canada

    How Terrorists Attract Lone Wolf Attackers

    How Terrorists Attract Lone Wolf Attackers
    Magazines of some of the world's most dreaded terrorist organisations are experimenting with strategies to increase motivation for lone wolf attacks, new research has found.

    How Terrorists Attract Lone Wolf Attackers