Credit card fee reduction imminent

CFIB pleased to see industry-led solution to rising fees

TORONTO, Oct. 31, 2014 /CNW/ - With reports suggesting an imminent announcement on reductions to the credit card "swipe fees" charged to merchants, the Canadian Federation of Independent Businesses (CFIB) is pleased that relief is on the horizon for small firms.

"CFIB is encouraged that it appears we have an industry-led solution to this critical issue," said CFIB president Dan Kelly. "We have been working closely with government and all major players in the payments industry, and it appears this work will soon pay off. We hope these changes will bring about an end to the 'arms race' of ever-higher tiers of premium cards."

Small merchants have long expressed concerns about credit card processing fees, which add $5-7 billion to the cost of everything Canadians buy (1.5-3% of the purchase).

For a full list of the fees associated with all major credit cards in Canada, go to cfib.ca/a3162e. 

CFIB is Canada's largest association of small and medium-sized businesses with 109,000 members across every sector and region.

SOURCE: Canadian Federation of Independent Business

For an interview with Dan Kelly or for more information, please contact Gisele Lumsden at 647-808-5769 or [email protected].