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Wal-Mart Stores (WMT) No Longer Accepts Visa (V) in Thunder Bay
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For those not too familiar with Canadian geography, Thunder Bay is a port city on Lake Superior, just north of Minnesota, with a population of over 100,000. To put the population in perspective, Thunder Bay has a slightly larger population than another Great Lakes port city, Green Bay, Wisconsin.
Unfortunately for those Thunder Bay citizens that shop regularly at the city’s three Walmart stores, they cannot use their Visa (V - Free Report) cards anymore to make their purchases. Wal-Mart Stores (WMT - Free Report) announced Monday that certain Canadian locations stopped accepting Visa credit cards after the companies failed to reach a deal over what the retailer called “unacceptably high” fees, per an article from Fortune.
The decision to stop taking Visa in the three stores in Thunder Bay, Ontario, will eventually be the norm in more than 370 outlets in the country, said Walmart Canada in a statement on Monday, though it did not give details. The decision will not affect stores outside Canada. A spokesman added that Wal-Mart was “optimistic that we will reach an agreement with Visa,” per Fortune.
According to a report from Bloomberg, Wal-Mart prepared its Thunder Bay customers for the change back in June of this year via its website. Signs hung in the stores leading up to the change, and on Monday store greeters, employees and managers approached customers as they walked in to remind them. Some cashiers even offered customers a chance to sign up for a Wal-Mart Mastercard.
“It doesn’t bother me,” said Lea Bostan, a 73-year-old retiree and Visa cardholder who echoed the sentiments of many shoppers, per Bloomberg. “I come here all the time. I’ll still come here but I’ll just use cash.”
“Unfortunately, Visa and Wal-Mart have been unable to agree on an acceptable fee for Visa transactions,” Alex Roberton, a spokesman for the retailer in Canada, said in an e-mailed statement, per Bloomberg. He added the company hasn’t “yet set a timetable for the rollout to other markets.”
Wal-Mart Stores has a Zacks Rank #2 (Buy) and Visa Inc. has a Zacks Rank #3 (Hold).
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Wal-Mart Stores (WMT) No Longer Accepts Visa (V) in Thunder Bay
For those not too familiar with Canadian geography, Thunder Bay is a port city on Lake Superior, just north of Minnesota, with a population of over 100,000. To put the population in perspective, Thunder Bay has a slightly larger population than another Great Lakes port city, Green Bay, Wisconsin.
Unfortunately for those Thunder Bay citizens that shop regularly at the city’s three Walmart stores, they cannot use their Visa (V - Free Report) cards anymore to make their purchases. Wal-Mart Stores (WMT - Free Report) announced Monday that certain Canadian locations stopped accepting Visa credit cards after the companies failed to reach a deal over what the retailer called “unacceptably high” fees, per an article from Fortune.
The decision to stop taking Visa in the three stores in Thunder Bay, Ontario, will eventually be the norm in more than 370 outlets in the country, said Walmart Canada in a statement on Monday, though it did not give details. The decision will not affect stores outside Canada. A spokesman added that Wal-Mart was “optimistic that we will reach an agreement with Visa,” per Fortune.
According to a report from Bloomberg, Wal-Mart prepared its Thunder Bay customers for the change back in June of this year via its website. Signs hung in the stores leading up to the change, and on Monday store greeters, employees and managers approached customers as they walked in to remind them. Some cashiers even offered customers a chance to sign up for a Wal-Mart Mastercard.
“It doesn’t bother me,” said Lea Bostan, a 73-year-old retiree and Visa cardholder who echoed the sentiments of many shoppers, per Bloomberg. “I come here all the time. I’ll still come here but I’ll just use cash.”
“Unfortunately, Visa and Wal-Mart have been unable to agree on an acceptable fee for Visa transactions,” Alex Roberton, a spokesman for the retailer in Canada, said in an e-mailed statement, per Bloomberg. He added the company hasn’t “yet set a timetable for the rollout to other markets.”
Wal-Mart Stores has a Zacks Rank #2 (Buy) and Visa Inc. has a Zacks Rank #3 (Hold).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>