Merchants Want Credit Card Processing Rates Reduced

Small merchants are urging the federal government and the payments industry to deliver on the promise made in the fall economic statement to lower credit card processing fees for small business. Seventy-four per cent of merchants say they want fees to drop to one per cent of the total dollar sale, says a survey by the Canadian Federation of Independent Business (CFIB). "Ensuring that smaller merchants can access lower rates – including for eCommerce – is key to relieving some cost pressures, encouraging more small businesses to sell online, and leveling the playing field with larger firms,” says Dan Kelly, CFIB president.