Dec 7, 2022
Consumers Won’t Pay Credit Card Surcharge
After the year that many Canadians have endured financially, for many the idea of paying a surcharge on regular credit card purchases may just be a swipe, tap, or pin pad too far, says data from the Angus Reid Institute. It found 28 per cent say an additional 1.5 per cent surcharge would push them away from patronizing small businesses in their community, while 44 per cent would stop shopping at major retailers that charged the fee. Some retailers have already begun to add such a charge to purchases following the settlement of a class-action lawsuit with Visa and Mastercard. Merchants must make the fee clear to the customer, but the risk herein is evident. Canadians are more forgiving when it comes to their local businesses 13 per cent would just absorb a 1.5 per cent fee in this situation, while 59 per cent would use another form of payment.
Sign up for our Daily News Alerts to receive relevant industry news, articles, and previews for our next issue of Home Improvement Retailing. Delivered directly to your inbox. Subscribe here.