Visa fee increases worry small business
Check out this article from CBC regarding a fee increase by Visa and how it may affect small businesses. The following is an excerpt:
“A fee increase for business owners who allow payments by Visa has small business owners across the country concerned.
Fees for small businesses are going up from about three per cent for every transaction to between four and six per cent.
“Credit card companies are going to make it very difficult for me,” said B. J. Sandiford, who runs the Happy Glass jewelry studio in Charlottetown.
“That’s a substantial increase and it’s a big concern to me.”
Visa is calling it “a modest pricing adjustment” and notes it is the first time its fees have changed in five years. Dan Kelly, president of the Canadian Federation of Independent Business, takes issue with Visa’s description of the increase.”