Only 3 weeks left for small businesses to claim up to $5,000 from a class action settlement with Visa, Mastercard and banks
CFIB calls on the federal government to keep its election promise to lower credit card fees
Toronto, September 13, 2022 – Small businesses only have until Sept. 30 to apply for a portion of a multi-million dollar settlement with Visa and Mastercard, says the Canadian Federation of Independent Business (CFIB). Depending on their size and average annual revenue, businesses that have been accepting Mastercard and/or Visa credit cards as payment between 2001 and 2021 can claim up to $5,000.
“The class action settlement provides a welcome bit of financial relief to small businesses that have been paying hefty credit card processing fees for decades. But more importantly, businesses that have not yet applied should do so today, especially as the process does not require most to submit documentation,” said Corinne Pohlmann, Senior Vice-President of National Affairs at CFIB.
For more than a decade, CFIB has been pushing governments and the credit card industry to treat small merchants fairly and transparently. CFIB continues to call on the federal government to deliver on its 2019 election promise to further reduce ongoing credit card processing fees for small business.
“The Liberal government has frequently promised to lower credit card fees in its election campaigns and budgets. This would be an excellent way of helping small businesses deal the massive inflationary pressures they are facing,” said Dan Kelly, CFIB president.
For more information about the settlement, eligibility and how to claim a portion of the settlement, visit cfib.ca/classaction.
For media enquiries or interviews, please contact:
Dariya Baiguzhiyeva, CFIB
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses with 95,000 members across every industry and region. CFIB is dedicated to increasing business owners’ chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings. Learn more at cfib.ca.