I manage several businesses with merchant accounts, and our fees on Interac debit are far far lower than credit cards. Credit card fees are really rough on small businesses, especially for premium cards (Visa Infinite, etc).
Fulfillment Fee – For Request Money transactions, the Requestor Participant will be required to pay the Responder Participant with an additional $0.10 per fulfillment
So it looks like it’s a higher base rate compared to credit cards, but they don’t take a percentage of the transaction.
In any case, I don’t know enough about running a business to know how this compares to the cost of handling cash.
I was under the impression that Interac was the standard in Canada.
Not a standard, so much as a monopoly that charges all Canadian shoppers a hidden tax no matter how they pay.
Can you elaborate on this?
I manage several businesses with merchant accounts, and our fees on Interac debit are far far lower than credit cards. Credit card fees are really rough on small businesses, especially for premium cards (Visa Infinite, etc).
He can’t elaborate on it because he’s full of shit
What’s the hidden tax? So many smaller businesses here refuse credit because of their fees but will take Interac.
Edit: The search term just came to mind right after posting this.
https://www.interac.ca/en/payments/business/understanding-fees/#interac-e-transfer-current-transaction-fees
So it looks like it’s a higher base rate compared to credit cards, but they don’t take a percentage of the transaction.
In any case, I don’t know enough about running a business to know how this compares to the cost of handling cash.