Come July, 1 2013, small businesses in Canada accepting MasterCard as payment from their customers will be paying more money for doing so. According to the Canadian Federation of Independent Business (CFIB), MasterCard Canada will hike up transaction fees by 20 percent to 7.7 basis points.

This follows on the heels of a similar move made recently by Visa.

"CFIB is very disappointed that MasterCard is choosing to increase its fees at a time when small firms are struggling with an uncertain economy," President and CEO Dan Kelly said in a release. "Unfortunately, the only competition between Visa and MasterCard is to see who can raise prices the most for merchants and consumers and deliver the highest fees for Canada's banks."

The CFIB added that merchants should be able to refuse certain card types if processing fees are too costly, however current industry regulations prevent them from doing so.

Consequently, small businesses can greatly benefit from POS credit card processing software that doesn't suckerpunch them with hidden fees or mandate that they work with specific payment processors. These systems allow entrepreneurs the versatility to pursue different options, because they can work with any processing vendor. So, if you need to switch companies in order to bring fees to a reasonable level, you won't be limited by the software you're running.

When processing credit card payments, merchants should not have to worry about how much it is costing them. Instead, they should be able to focus on the positive aspects of making a sale and running a successful business.