Businesses in Canada may be eligible to claim hundreds of dollars in credit card processing fees following a multimillion-dollar class action settlement with Visa and Mastercard.
Merchants can now apply for rebates on so-called swipe fees charged on credit card transactions dating back two decades, the Canadian Federation of Independent Business (CFIB) said Monday.
The settlement comes as the pandemic quickened a shift towards digital payments as more consumers shopped online.
“During COVID, cash disappeared and everyone started paying with plastic,” said Corinne Pohlmann, senior vice-president of national affairs at CFIB.
“Credit cards became much more prevalent so the amount of fees merchants are paying has also increased.”…