Interac, the primary debit processor in Canada made up of a consortium of Canadian Banks, has started a contest starting today to encourage people eating out at restaurants to use their debit cards instead of credit cards.
Most restaurants, including TacoTime Victoria, are small businesses run by locals who have faced increased banking fees over the last decade. The fees to accept credit cards vs. debit run in the range of ten times the amount for a similarly processed debit card. Ultimately those higher transaction costs have to be passed back to customers in the form of higher food costs.
Interac wants to help keep those costs under control for small business owners while still offering the convenience to end user customers. A recent Moneyville article written in the Toronto Star highlights many of the issues.
Details of the contest including how to enter are here
Contest is open from October 19-30 2011
Most restaurants, including TacoTime Victoria, are small businesses run by locals who have faced increased banking fees over the last decade. The fees to accept credit cards vs. debit run in the range of ten times the amount for a similarly processed debit card. Ultimately those higher transaction costs have to be passed back to customers in the form of higher food costs.
Interac wants to help keep those costs under control for small business owners while still offering the convenience to end user customers. A recent Moneyville article written in the Toronto Star highlights many of the issues.
Details of the contest including how to enter are here
Contest is open from October 19-30 2011
