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29/10/2009 -
Interac Association, which is the leading network that governs payment processing fees for Canadian debit card transactions, has appealed to the federal Competition Bureau to become a for-profit company, the Toronto Star reported.The news comes in anticipation of MasterCard and Visa's entry into the Canadian debit market, which threatens to disrupt the established Interac network and its market share.
Retailers and small businesses, once resisting the move, have now gotten on board after Interac promised that it would maintain the same low fees as before and make its rates public, said the newspaper.
Merchants are now rallying behind Interac's move because the Visa and MasterCard entry into the debit card market is worrisome due to the competition it will create, as consumers are lured to rewards cards that will come with higher payment processing fees.
The for-profit move may be a way for Interac to stay competitive with Visa and MasterCard.
The Star reported that the Canadian Imperial Bank of Commerce and the Royal Bank have announced plans to issue Visa debit cards.
Debit card transaction fees can also vary according to a company's payment processing provider and merchant account, so merchants are encouraged to shop around for the lowest rates.
