PG paying almost $100K a year to process credit cards

Ten municipalities in BC, including Prince George, saw their credit card processing fees go up a whopping 54% in the last six years.

That equates to $22 million dollars and Alberta/BC Vice-President of the Canadian Federation of Independent Business, Richard Truscott says a few easy tips can make your life easier.

“One is to better report and track those costs, secondly is to encourage taxpayers, residents, and business owners when they are paying for municipal services to think about using debit and more importantly we’re asking for municipal governments to secure a better deal from the credit card processing companies.”

If a resolution isn’t made soon, businesses will be feeling the crunch.

“If these expenditures continue to go up there will be pressure on the taxpayers and the tax base which means more pressure for local businesses and residents who will pay higher taxes in support of those fees.”

Prince George has seen a 33% hike in its credit card transaction fees since 2010.

Here is a list of those rising costs

2010 – $73,523
2011 – $89,773
2012 – $89,446
2013 – $94,211
2014 – $98,434
2015 – $97,834

The total between 2010-2015 is $543,221.