The retail chains are saying that the Visa is deceiving them with swipe fees.
Some of the Walmarts in Canada have stopped accepting visa credit cards on Monday. In the uncommon example of negotiations between major retailers and credit card company, Walmart said that last month it couldn’t agree with the Visa on an “acceptable fee” and hence, will no longer accept the credit cards until it gets a better deal.
Three stores in Thunder Bay, Ontario has stopped accepting Visa cards and such decision will be eventually implemented across 370 outlets in the country, Walmart Canada said on Monday.
Such decision will only affect stores in Canada. A spokesman said that Walmart was “optimistic that we will reach an agreement with Visa.”
The retailers in Canada have long complained about the high interchange fees they have to pay to the credit card companies. When questions on specific payment terms were asked, Visa and Walmart Canada preferred to be quiet than answering it.
A spokesman said in a statement that Visa “remains committed to doing everything reasonable”. This is done to ensure that the cards can be used at Walmart’s store.