Last week, the Federal Minister of Small Business (Rechie Valdez) announced that the government's agreement with Visa and Mastercard to lower your credit card interchange fees by up to 27% will take effect on Oct 19th, 2024. This will positively impact 90% of SMEs. A small business processing $300,000 in credit card payments is paying around $4,000 in fees. These changes can save that small business as much as $1,080 annually.
Small business
Great news for Canadian small businesses!
Last week, the Federal Minister of Small Business (Rechie Valdez) announced that the government's agreement with Visa and Mastercard to lower your credit card interchange fees by up to 27% will take effect on Oct 19th, 2024. This will positively impact 90% of SMEs. A small business processing $300,000 in credit card payments is paying around $4,000 in fees. These changes can save that small business as much as $1,080 annually.