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It’s no surprise that with credit card interchange fees upwards of 2% to 4% of the value of the transaction depending on the type of card, it continues to be a major cost for grocers every time a customer pays by credit card.
A Canadian Grocer article took stock of what was promised a year ago with the major credit card companies, Visa and Mastercard, agreeing to a five-year freeze on fee hikes and pledged to lower interchange fees charged to an average of 1.5%.
Have fees fallen since last year? Gary Sands, vice-president of public policy at the Canadian Federation of Independent Grocers, told Canadian Grocer his members have seen average fees decline in the last year, but not to the 1.5% target.
Interchange fees have fallen to 1.68% on average from more than 2% for CFIG members, Sands said in the article. He added that CFIG’s members will not be hitting the 1.5% overall reduction this April. The Conservative government had promised that small and medium size businesses would see even “greater reductions” than 1.5%, reported Canadian Grocer.
Read the full article in Canadian Grocer here.
