Ottawa, May 14, 2012 – With a steady stream of mobile and electronic payment options expected in the days ahead, Canadian small business owners will be bracing themselves for the possibility of another fee grab on the part of banks, credit card companies and newer market entrants.
Every time you pay with a credit card, a percentage of your purchase goes to the credit card company and bank. The more often you pay with a credit card, the more money goes to the credit card companies and banks in the form of transaction fees charged to the merchant... The less income the merchant has available to pay staff, suppliers...sponsor the local baseball team...or even send their own child to summer camp... The fix is easy, though. Just consider paying with cash or debit. Where ever you can, avoid compelling the independent merchant to pay the credit card companies.
CFIB is very pleased that Canada’s Competition Bureau is taking a case forward to give merchants more powers to address rising Visa and MasterCard fees. CFIB has worked closely with the Bureau and several CFIB members shared their stories to help further this important case.
Canada’s small and mid-sized businesses were a little less optimistic in April compared with the month before. The 1.3-point drop in CFIB’s Business Barometer
® Index to 66.4 gave back most of the big gains we had seen in the March survey findings.
With the renewal of our Chase Paymentech Privilege Program CFIB members will be receiving new contracts in order to take advantage of greater savings. Find out more here.
Remember the commercial where a seemingly middle-aged couple invites all of their friends to a party in celebration of their retirement, complete with a giant cake and choreography? Well, unless you’re part of the public sector, which represents 20% of the Canadian workforce, this is not your reality.
We represent 7,200 agri-businesses like you on the business related issues of farming. Find out more about what we’re doing to help your bottom line here.
