Credit Card Fees for Canadian Small Businesses Reduced

A new agreement between the federal government and major credit card companies aims to save businesses $1 billion over five years.

Mastercard and Visa will reduce interchange fees by up to 27%, benefiting small and medium-sized businesses.
The fee reduction is expected to save businesses approximately $1 billion over the next five years.
Qualifying businesses could save about $350 annually per $100,000 in Visa sales and $200 in Mastercard sales.
Not all payment processors, such as Stripe, are passing on the savings uniformly to their customers.
The federal government is monitoring the implementation to ensure the savings reach 90% of businesses accepting credit cards.