Credit card fees for small businesses in Canada are now 27% lower

Prime Minister Justin Trudeau announced last week that credit card fees for small businesses in Canada would be cut by 27% as of Oct. 19. The news follows negotiation with both Visa and Mastercard.

This reduction of processing fees — which has been in effect since Saturday, is projected to save small businesses roughly $1-billion over five years.

“Small businesses pay high fees — sometimes thousands a year out of their bottom lines — to process credit cards. So, we’ve worked with Visa and Mastercard to change that.”

Small businesses pay high fees — sometimes thousands a year out of their bottom lines — to process credit cards.

So, we’ve worked with Visa and Mastercard to change that. We’re cutting those fees by 27%, and small businesses will start seeing savings on October 19th.
— Justin Trudeau (@JustinTrudeau) October 3, 2024

Credit card fees for small businesses in Canada are now 27% lower

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