I'm going to share the time allotted to me with Mr. Carrier. Perhaps I'll ask just one question.
Since we started looking at the credit card payment process, we, as members, have heard from the Visa people who submitted documents to us that I can't table because I'll be asking them to do that when they come and testify. Two situations are described in those documents, to which I would ask you to react because I'm very concerned about this. It's a document that talks about myths and facts. It states: “Fact: The credit card companies charge hidden fees and retailers have no choice but to pay.” That same document states: “Fact: Retailers and consumers do not pay interchange fees; it is not a “hidden” tax. Retailers negotiate a merchant discount rate...” It continues with a second “Fact: Interchange fees are not known to retailers,” and, with respect to the facts, it states once again: “Retailers do not pay the interchange.” And yet a paper prepared by the Library of Parliament states very clearly:
[...] the payment processor receives payment (less the interchange rate) for the credit card purchase from the card issuer. The payment processor charges the merchant an amount known as the merchant discount rate [...] The merchant discount rate “may include the cost of the interchange rate; the cost of transaction processing, terminal rental and customer service; and the acquirer's or processor's margin [...]
I have two documents that contradict each other. I would like to hear what you have to say on that subject. I think this concerns you all.