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| Larry Rossy |
It’s a problem every retailer would love to have. Larry Rossy, the CEO of Dollarama, just can’t figure out how it would help his business at all to start accepting Visa and MasterCard. Nope. He’s tried to slice it different ways but he still can’t see why he should give up Dollarama’s cash and Interac only policy. He’s studied it and listened to the “credit card people” as he calls them. They can convince you of almost anything, he says. But no. Dollarama now dodges those nasty 2 and 3% Visa fees on fancy “black” credit cards, and on all the rest. He makes his money with a decent markup on cheap goods and by keeping overhead down. Rossy says he is especially concerned about Visa or MC cannibalizing that efficient Interac business. Maybe he would do a percentage or two more business by accepting credit cards only to find he was doing a percent or two less with Interac. When you figure in the card fees, that’s a net loss You have to love the man’s choices. Walking away never felt so good, we’re guessing.
