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Merchant account provider offering processing services without fees
September 8, 2012 - 5:01pm
Helcim, a Calgary-based independent payment processing and merchant account provider, recently announced the availability of services without contract closure fees, according to Tech Vibes.
This represents a small victory for smaller payment processing companies against larger processors. In recent months, the Canadian Competition Bureau has opened a case against Visa and MasterCard for anti-competitive behavior.
"If you look at what's happening in the payment industry, companies like...Square are lowering the entry barriers and allowing more small businesses a chance to accept credit cards," Nicolas Beique, the co-founder of the company, said in an announcement. "Helcim is proud to be at the forefront of that trend here in Canada."
The Canadian Competition Bureau had recently reopened a case against the larger credit card companies, alleging the imposition of restrictive and anti-competitive rules on merchants who accept credit cards. According to the official website of the Competition Bureau, merchants in the country pay an estimated $5 billion each year in hidden credit card fees.
The Bureau also believes that these practices result in higher prices for consumers across the board. Visa and MasterCard, the two largest credit card networks in Canada, processed more than 92 per cent of all transactions in 2011.
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