Last week the federal government announced it reached a deal with credit-card giants to reduce transaction fees for small merchants will go into effect on Oct. 19
says it won’t reduce merchant fees on its standard plans despite Ottawa ’s recent deals with Visa and Mastercard that sought to lower transaction costs.
for all businesses in Canada is 1.4 per cent, but varies widely depending on geography, industry and type of payment. Matthew Burlak, head of Canada Go-To-Market at Stripe, said the company was holding pricing for merchants on its standard plan the same because the network costs and various fees that it pays have gone up.
“The federal government is closely monitoring the implementation of the credit card fees reduction, with the strong expectation that all payment processors like Stripe will pass the savings on to small businesses,” Department of Finance spokesperson Marie-France Faucher said in a statement.
Stripe Transaction Revenue Processor Business Ottawa Payment Bank Of Canada Department Of Finance Shopify Inc.
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