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14/12/2009 -
Many Canadian merchants are crying foul over the actions of credit card processing companies, especially Visa and MasterCard, which are preparing to enter the Canadian payment processing market.The Toronto Star reported this week that many merchants are complaining that additional payment processing networks are being added to their terminals, automatically and without their input.
And with the imminent entry of MasterCard and Visa into the debit card market, many merchants fear that this could bring additional payment processing fees, especially when transactions are priority routed over these networks.
In the face of these and similar complaints, Visa and MasterCard have said that the additional competition will benefit consumers and merchants, though many businesses worry that the competition will edge out the existing, low-cost Interac debit card network.
As a result, the federal Competition Bureau is expected to issue two "landmark rulings that could dramatically alter the payments industry landscape," possibly as early as this week, the Star reported.
Businesses with merchant accounts that are concerned about the existing and pending payment processing regulations are advised to consult with their payment processing provider about their options.
