Visa has announced that they plan on raising the fees for their transactions effective April 1st, 2013. These increases will affect all restaurants that accept VISA cards, no matter who their merchant service provider is. Please read the three steps below provided by the CRFA (Canadian Restaurant and Foodservice Association) to ensure you’re aware of your rights and options as a store owner or operator:
1. Be sure to review your restaurant’s credit card processing statements carefully over the next two months. Merchant service providers are required to give you 90 days written notice before fees can be increased and some processors may take this opportunity to further increase or add additional new fees to your account.
2. Under the Code of Conduct, restaurants can use the 90 day notice period to shop around for better rates and you can exit your contract without penalty. So check your statements closely to see if your fees will be increasing.
3. You can learn about the CRFA’s industry payment options and more about the CRFA’s campaign to fight these increases, you can visit crfa.ca
Please share with your fellow owners & operators in the industry to ensure they are aware of these pending changes that may adversely effect them.