MPI spent $40 million on credit card fees in 5 years: CFIB
Over the last five years, CFIB said MPI has paid over $40 million in credit card processing fees, around $5.77 per transaction. (file image)
Published Wednesday, August 13, 2014 5:08AM CST
Last Updated Wednesday, August 13, 2014 5:11AM CST
The Canadian Federation of Independent Business is calling on Manitoba Public Insurance to stop accepting credit cards as payment for insurance premiums.
Over the last five years, CFIB said MPI has paid over $40 million in credit card processing fees, around $5.77 per transaction.
CFIB said if those transactions were to be done by debit card, instead of $5.77, they'd be looking at a fee of about $0.05 to $0.10. That’s a cut of about 98 per cent and would account for a savings of more than $9 million for drivers.
Manitoba Public Insurance said many of its customers request the credit card payment option and find it very convenient. They said the option is part of the full-customer service Manitobans expect from their auto insurer.