TORONTO – A global payment company will give members of Canada’s largest small- and medium-business association lower rates on American Express transactions.
Chase Merchant Services will charge a new lower rate to Canadian Federation of Independent Business members that process less than $500,000 in Amex transactions.
CFIB says the deal aims to make it easier for small businesses to accept Chase payment cards.
CFIB president Dan Kelly says the partnership means many of the federation’s members could see significant savings thanks to the offer, with some members potentially seeing fees reduced by almost 50 per cent.
Retailers pay fees each time consumers use a credit card. The fees differ based on type of credit card, business and other considerations.
The retail industry has been advocating for lower fees, arguing that Canadian businesses pay some of the highest fees worldwide.
CFIB’s 110,000 members collectively process more than $12 billion in electronic payments through Chase every year.