We Did It! Federal Government Lowering Credit Card Transaction Fees for Small Businessest

The federal government has announced in their Fall Economic Statement that they will enter into negotiations with the credit card industry, and with businesses, to find a way to lower transaction costs for businesses. If this does not lead to a negotiated outcome, government has been clear that they will move forward with regulating credit transaction fees in the new year.

This announcement is a win for ORHMA and our members. A big thank you to our members who participated in our Call to Action and submitted a letter to their MP's to ask for credit card rate reductions. See ORHMA's Advocacy History for more info.

Credit Card Surcharging

As a result of the recent credit card class action lawsuit settlement with Visa and Mastercard, as of October 6, 2022, businesses have the option of adding a surcharge to a credit card transaction in order to offset the processing fee charged to a business.

Important to Note:

• According to Visa and MasterCard, you can surcharge a maximum of 2.4% per purchase. The surcharge is not applied to Visa Debit or Debit MasterCard cards.

• Merchants must clearly disclose surcharges and fees to cardholders before a transaction is completed. Cardholders must be able to cancel the transaction without penalty before authorizing payment.

• In order to add a surcharge on MasterCard payments, you are required to notify both MasterCard and their “acquirer,” (the bank or financial institution that processes the credit card payments) at least 30 days in advance. To do this, fill out this online disclosure form and also notify your acquirer separately.

• For Visa credit cards, you must only provide a written notice to your acquirer at least 30 days prior.

• For more information on credit card surcharges, click here.

Leading Payments Technology and Software Solutions, Tailored to Your Hospitality Business

The Ontario Restaurant Hotel & Motel Association (ORHMA) has partnered with Global Payments, to bring you the broadest selection of payments technology and software solutions that you can depend on. Global Payments is offered ORHMA members a free, no obligation analysis to identify potential cost savings and possible new payment solutions for streamlined business operations.

With Global Payments, you benefit from:

• Streamlined payments: Acceptance for all major debit and credit payment types, including digital wallets.

• Payments integration: Seamless integration to your existing POS, ERP, or reservation system.

• Smart terminals: The latest smart and virtual terminals to offer you a choice of next- generation countertop, wireless, and online payment acceptance.

• Online ordering: Enables you to take your business wherever your customers are, in just a few clicks. Give your customers the ability to view your menu and place orders from any location through the web or smartphone.

• HomeCurrencyPay at no cost: This dynamic currency conversion (DCC) service is a must for hosting international travellers.

• Fast access to funds: Deposited to your bank account as early as the next business day.

• Industry-leading support: The support you need, when you need it, 24/7/365.

Learn more.