Visa Canada, as part of a legal settlement, is modifying rules and business processes to allow Canadian merchants to apply a fee, or “surcharge,” to customers who pay with a Visa or MasterCard credit card. The rules allowing merchants to surcharge take effect on October 6, 2022. Merchant surcharges are permitted only for MasterCard or Visa credit card transactions. Merchant surcharges are not permitted on Visa debit or prepaid card transactions.
Q. What is a merchant surcharge?
A. A merchant surcharge is a fee assessed to a Visa or MasterCard cardholder by a merchant that is added to a Visa credit card or MasterCard transaction
Q. Why did Visa or MasterCard modify its No Surcharge Rule to permit merchant surcharging?
A. Following a court approved legal settlement, effective October 6, 2022, Visa or MasterCard will modify its rules to permit Canadian merchants to surcharge Visa or MasterCard credit cards. Merchants will need to comply with specific requirements as outlined in the Visa Rules. Requirements include but are not limited to; ensuring merchants do not surcharge customers more than it costs the merchant to accept Visa or MasterCard credit cards, and that merchants inform consumers about the surcharge prior to the completion of the sale.
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