Corinne Pullman News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Christopher Reynolds FILE PHOTO - Credit cards are seen in Montreal on December 12, 2012. Industry groups say small businesses are being hammered by high credit card fees on online purchases as the shift toward e-commerce continues amid the second wave of the COVID-19 pandemic. Image Credit: THE CANADIAN PRESS/Ryan Remiorz January 06, 2021 - 7:00 PM OTTAWA - Industry groups say small businesses are being hammered by high credit-card fees on online purchases as the shift toward e-commerce continues. Visa and MasterCard reduced the fees they collect from businesse...

The Canadian Federation of Independent Business says the proportion of its 100,000 members that rely on online purchases has doubled to 40 per cent since March, when lockdowns to fight the COVID-19 pandemic shuttered storefronts across the country. "Smaller companies tend to pay higher fees than large companies do, because they don't have the volumes," said CFIB vice-president Corinne Pullman. She said "there's no doubt" digital rates should come down, and that fees should be clearer and more transparent for merchants. While Visa and Mastercard's overall annual rates sit at about 1.4 per cent...