Report: Walmart Canada settles dispute with Visa
A six-month battle between Walmart Canada and Visa has come to an end.
The retailer, which threatened to ban the card processor from all of its stores nationwide due to “unacceptably high” credit-card transaction fees, has ended its feud, and will resume accepting Visa cards at its more than 400 stores starting Friday, Jan. 6.
“We have come to an agreement with Visa which allows us to continue offering Visa as a form of payment in our [Canadian] stores,” Walmart said on its website. “Customers in Manitoba and Thunder Bay, Ontario, will be able to use their Visa credit card starting January 6, 2017.”
Walmart’s Canadian division stopped accepting Visa at its three Thunder Bay outlets on July 18, due to increasing transaction fees, and extended the ban three months later across 16 stores in Manitoba. If the partners could not reach an agreement, the retail giant threatened to ultimately stop accepting Visa at all its stores in Canada.
Credit card processing fees are typically based on a percentage of the total value of goods sold, but these rates differ between cards and stores. To offset these rates, retailers absorb fees into the cost of goods, a practice that translates into higher merchandise prices for consumers.
“To keep prices low we continuously assess opportunities to lower our operating expenses. Walmart Canada pays over $100 million in fees to accept credit cards each and every year. Lowering costs such as these is necessary for us to be able to keep our prices low and continue saving our customers money,” Walmart said on its website in September.
Canada is reported to endure some of the highest interchange fees in the world — averaging 1.78%. The United States followed with a close second of 1.73%, according to research firm Value Penguin.
Neither Walmart Canada nor Visa shared the new cost structure.
New center set to rise in Richmond
A site near the entrance to Innsbrook Office Park in Glen Allen, Virginia, north of Richmond, has been slated as the home of Dominion Shoppes at Innsbrook, a project of Dominion GA, LLC.
In a deal brokered by Cushman & Wakefield/Thalhimer, Dominion acquired the 2.4-acre tract from Doswell Properties for $2.9 million. The planned center is 100% pre-leased to tenants including Starbucks, Blaze Pizza, American Family Care, and Noodles & Company.
Jordan Nielsen and Alicia Farrell of Cushman & Wakefield/Thalhimer handled both the sale and leasing on behalf of Dominion.
New integration connects merchants to Amazon Marketplace
Online sellers have another way to join the Amazon Marketplace.
Shopify, a cloud-based multichannel commerce platform, developed an integration that enables its merchants selling in U.S. dollars to add the Amazon sales channel to their Shopify account. The new service also enables Shopify store owners to manage their product catalog for their e-commerce website, retail store, Amazon store, and other sales channels all in one place.
This is the provider’s first integration with an online marketplace.
“With an estimated 40% of Shopify merchants already selling in online marketplaces, Shopify has further simplified the processes to gain entry into Amazon,” said Brandon Chu, director of product at Shopify. “Our work with Amazon is an important step in strengthening our robust multi¬channel commerce strategy, and the ability for our merchants to sell anywhere their customers buy.”