Businesses in Canada may be eligible to claim credit card processing fee rebates following a multimillion-dollar class action settlement with Visa and MasterCard. "Credit cards became much more prevalent so the amount of fees merchants are paying has also increased." Fee charged every time card is usedCredit cards charge merchants so-called interchange rates on purchases, a fee shared between credit card companies, payment processors and banks. Customers can soon be charged fees directlyThe settlement also gives merchants the power to pass credit card fees on to customers, starting this fall. He also expressed concern that the settlement could be used by credit card companies as "camouflage in their battle to resist lowering their credit card fees."

Source: CBC News May 30, 2022 22:57 UTC