See here. It is kind of strange, considering they take American Express, which has much higher merchant fees. I guess it cyclical. American Express used to be virtually indispensable and without competition in its segment. Then, Visa took over in a big way. Now, they, like AE, have let the grass grow under their feet and Mastercard seems to have taken over.
Walmart Canada Eliminating Visa
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So long as you can still buy stuff, the middleman doesn't really matter. Worst case scenario is using cash which is hardly a chore..
That's absolutely true. It just seems a bit strange to me. In any case, in Canada, a lot of banks the have historically used Visa as their credit cards have gone to Mastercard. Given that I don't buy much at Walmart and haven't had a real Visa card (other than prepaid gift ones) for over ten years, it won't affect me much.
I can only think of one Visa card I'd even consider having off the top of my head, and that would be the one from RBC tied with Esso, and that's far, far from a "must have" card. A fellow I know who works for RBC has a CIBC Petro-Canada Mastercard, like I do, since it's a far more attractive card.
I can only think of one Visa card I'd even consider having off the top of my head, and that would be the one from RBC tied with Esso, and that's far, far from a "must have" card. A fellow I know who works for RBC has a CIBC Petro-Canada Mastercard, like I do, since it's a far more attractive card.
In the US Costco is eliminating American Express in favour of VISA on June 20th...
I heard something about that, too. Will they still take American Express, or are they eliminating it altogether?
JHZR2
Staff member
Other than from a rewards basis, I'm not sure why I'd care.
Costco as a limited access "club" can seemingly limit the terms a bit more - one would think that Walmart would want maximum access to buyers.
But what I find ridiculous is the claim in the article that buyers will be disappointed about being able to use their favorite Visa card. I don't usually carry a wallet, so I lie to only have one or two cards in my clip. But even then it's not so hard to have a small number and still cover the majors.
Good for Walmart to push back against something that appears to be an excessive cost.
Perhaps we can start to get tiered or even cash pricing as a norm, and show what sorts of discounts and costs each payment scheme provides.
Costco as a limited access "club" can seemingly limit the terms a bit more - one would think that Walmart would want maximum access to buyers.
But what I find ridiculous is the claim in the article that buyers will be disappointed about being able to use their favorite Visa card. I don't usually carry a wallet, so I lie to only have one or two cards in my clip. But even then it's not so hard to have a small number and still cover the majors.
Good for Walmart to push back against something that appears to be an excessive cost.
Perhaps we can start to get tiered or even cash pricing as a norm, and show what sorts of discounts and costs each payment scheme provides.
Makes sense. We merchants have to pay those reward card fees.
I had card merchant services sign me up for a 1.99% deal.
When I got the bill in it often was 6-8% they took because of the fancy reward cards.
I later got better deals and ended up with PayPal merchant services as they did not hit me on those cards and in the end with all the fees I was at low to mid 2% at bill time.
Amex is crazy high for us merchants!
Originally Posted By: Egg_Head
AMEX is out: https://www.americanexpress.com/us/content/program-update/
I had card merchant services sign me up for a 1.99% deal.
When I got the bill in it often was 6-8% they took because of the fancy reward cards.
I later got better deals and ended up with PayPal merchant services as they did not hit me on those cards and in the end with all the fees I was at low to mid 2% at bill time.
Amex is crazy high for us merchants!
Originally Posted By: Egg_Head
AMEX is out: https://www.americanexpress.com/us/content/program-update/
You can be assured that Walmart has negotiated with VISA, Mastercard, AMEX, and Discover. So what a normal merchant might pay is not the same as Walmart.
I setup a credit card system for my old boat club's gas dock and we used a wholesale rate plus. Rather than a fixed fee. We were listed as a marina with gas vs a marina with no gas (two different rates). When I worked on it there were something like 107 interchange rates. The merchant statements were complex and hard to decipher.
The net is Walmart is constantly twisting the arm of everyone they deal with.
BTW - from the charts I saw, Walmart takes in $10K per second in revenue.
I setup a credit card system for my old boat club's gas dock and we used a wholesale rate plus. Rather than a fixed fee. We were listed as a marina with gas vs a marina with no gas (two different rates). When I worked on it there were something like 107 interchange rates. The merchant statements were complex and hard to decipher.
The net is Walmart is constantly twisting the arm of everyone they deal with.
BTW - from the charts I saw, Walmart takes in $10K per second in revenue.
Originally Posted By: Egg_Head
AMEX is out: https://www.americanexpress.com/us/content/program-update/
Where does it say they will stop taking regular amex cards such as the amex preferred blue?
I just see a bunch of info about their "costco amex card"
In other news they are finally building costco closer than strongsville(40+mile)
The new one is only....30miles away.. ugh.
If only they would build in akron or north canton... huge area not sure why they aren't.
I'd shop there simply because of how they treat and pay their employees.
AMEX is out: https://www.americanexpress.com/us/content/program-update/
Where does it say they will stop taking regular amex cards such as the amex preferred blue?
I just see a bunch of info about their "costco amex card"
In other news they are finally building costco closer than strongsville(40+mile)
The new one is only....30miles away.. ugh.
If only they would build in akron or north canton... huge area not sure why they aren't.
I'd shop there simply because of how they treat and pay their employees.
Originally Posted By: JHZR2
But what I find ridiculous is the claim in the article that buyers will be disappointed about being able to use their favorite Visa card.
Yes. I used to use my Visa a lot years ago, but ended up switching to Mastercard, and it was seamless and painless. So, I don't see this causing any real pain or disappointment.
As for tiered pricing, that is currently against the rules up here. Merchant agreements would have to be completely rewritten. The government covers parity between debit cards and cash, whereas the merchant clearing houses cover parity between credit cards and the other options.
Donald: Yes, those merchant reports are a bit of a nightmare to go through, given various different cards and tiers. AMEX introduces its own confusion, given that its fees are taken off at a different point on the timeline than that for other cards.
Rand: From the first bullet point in the AMEX link, "American Express® Cards will not be accepted at Costco."
But what I find ridiculous is the claim in the article that buyers will be disappointed about being able to use their favorite Visa card.
Yes. I used to use my Visa a lot years ago, but ended up switching to Mastercard, and it was seamless and painless. So, I don't see this causing any real pain or disappointment.
As for tiered pricing, that is currently against the rules up here. Merchant agreements would have to be completely rewritten. The government covers parity between debit cards and cash, whereas the merchant clearing houses cover parity between credit cards and the other options.
Donald: Yes, those merchant reports are a bit of a nightmare to go through, given various different cards and tiers. AMEX introduces its own confusion, given that its fees are taken off at a different point on the timeline than that for other cards.
Rand: From the first bullet point in the AMEX link, "American Express® Cards will not be accepted at Costco."
WalMart: Sorry sir, we no longer accept Visa.
Customer: Hmmm well that's all I have. Do you have an ATM machine?
Walmart: Yes, it's over there but it doesn't accept Visa either.
Customer. Hmmm well have a nice day and please restock the 2 carts of merchandise my wife and I were trying to buy.
^ This will happen. A lot. Walmart will lose tons of revenue. I agree with Donald that Walmart is simply trying to strongarm Visa, and hope Visa stands firm.
Customer: Hmmm well that's all I have. Do you have an ATM machine?
Walmart: Yes, it's over there but it doesn't accept Visa either.
Customer. Hmmm well have a nice day and please restock the 2 carts of merchandise my wife and I were trying to buy.
^ This will happen. A lot. Walmart will lose tons of revenue. I agree with Donald that Walmart is simply trying to strongarm Visa, and hope Visa stands firm.
I've had several cards switch from Mastercard to VISA and from VISA to Mastercard in the past two years. That sorta stuff never happened 10 years ago. Now it seems if the banks can negotiate a better deal, they switch.
USAA Bank just switched from M/C to VISA after many years.
Nick1994
$100 site donor 2024
Quote:
Consumer finance industry newsletter Nilson Report says that Visa made up 56 per cent of credit card transactions globally in 2015, and Walmart Stores Inc., Walmart Canada's parent company, is widely reported to be the world's largest retailer.
And next we will be hearing about how x number of Walmart stores are closing in Canada.
Consumer finance industry newsletter Nilson Report says that Visa made up 56 per cent of credit card transactions globally in 2015, and Walmart Stores Inc., Walmart Canada's parent company, is widely reported to be the world's largest retailer.
And next we will be hearing about how x number of Walmart stores are closing in Canada.
Originally Posted By: Nick1994
Quote:
Consumer finance industry newsletter Nilson Report says that Visa made up 56 per cent of credit card transactions globally in 2015, and Walmart Stores Inc., Walmart Canada's parent company, is widely reported to be the world's largest retailer.
And next we will be hearing about how x number of Walmart stores are closing in Canada.
Target went belly up there a couple of years ago.
Contrary to what the elite financial interests put out on their mass media outlets the ordinary main street consumer is NOT doing well at all. Especially those that need to shop at discount stores like
ChinaMart, and K Mart. It's only going to get worse.
Quote:
Consumer finance industry newsletter Nilson Report says that Visa made up 56 per cent of credit card transactions globally in 2015, and Walmart Stores Inc., Walmart Canada's parent company, is widely reported to be the world's largest retailer.
And next we will be hearing about how x number of Walmart stores are closing in Canada.
Target went belly up there a couple of years ago.
Contrary to what the elite financial interests put out on their mass media outlets the ordinary main street consumer is NOT doing well at all. Especially those that need to shop at discount stores like
ChinaMart, and K Mart. It's only going to get worse.
Originally Posted By: Kuato
^ This will happen. A lot. Walmart will lose tons of revenue. I agree with Donald that Walmart is simply trying to strongarm Visa, and hope Visa stands firm.
Such scenarios likely will happen, but Walmart simply doesn't have a lot of competition up here. As much as I give Walmart Canada grief, if someone does happen to like the selection of products that Walmart sells and the convenience of one stop shopping, they're going to have problems. They won't be doing their shopping at just one other store. They'll have to hit at least a couple other stores to accomplish the same thing, even if that goal is just to buy a bunch of Chinese garbage.
With Zellers and Target gone, those were about the only things that would have been really close to a Walmart up here. Superstore used to be, but essentially got rid of its automotive and electronics departments, and has nowhere near the clothing selection.
I don't do much shopping at Walmart; I generally dislike the place. But, if someone wants to grab groceries, pharmacy type products, clothes, some movies and/or games, and maybe a couple toys, and do so all at one location only, they're going to have a problem if they're in Canada and refuse to go to Walmart.
^ This will happen. A lot. Walmart will lose tons of revenue. I agree with Donald that Walmart is simply trying to strongarm Visa, and hope Visa stands firm.
Such scenarios likely will happen, but Walmart simply doesn't have a lot of competition up here. As much as I give Walmart Canada grief, if someone does happen to like the selection of products that Walmart sells and the convenience of one stop shopping, they're going to have problems. They won't be doing their shopping at just one other store. They'll have to hit at least a couple other stores to accomplish the same thing, even if that goal is just to buy a bunch of Chinese garbage.
With Zellers and Target gone, those were about the only things that would have been really close to a Walmart up here. Superstore used to be, but essentially got rid of its automotive and electronics departments, and has nowhere near the clothing selection.
I don't do much shopping at Walmart; I generally dislike the place. But, if someone wants to grab groceries, pharmacy type products, clothes, some movies and/or games, and maybe a couple toys, and do so all at one location only, they're going to have a problem if they're in Canada and refuse to go to Walmart.
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