Canadian Merchants Eligible to Claim Rebates After Settlement With Visa, Mastercard

Credit cards charge merchants so-called interchange rates on purchases, a fee shared between credit-card companies, payment processors, and banks. AP/John Raoux

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.