Consumers love their credit card reward points, but processing fees for merchants add up quickly! And with more and more people paying for everything with cards, it’s time for these fees to come down, especially as Canadian merchants pay among the highest fees in the world.
Consumer spends $100 on a new ski helmet![]() |
Total cost for accepting credit cards Interchange Fee1 (1.4%) + Assessment Fee 2 (0.09%) + Payment Processing Fee 2 (0.2%) + Other Misc. Fees 3 (0.007%) |
= Merchant pays on average 1.70% or $1.70 on a $100 purchase. After all fees, retailer receives: $98.304 |
For 15+ years, CFIB has been leading the charge with government and the credit card industry for fairness for small business and now is the time for further action!
In the Fall Economic Statement, Deputy Prime Minister Chrystia Freeland promised action in the months ahead:
“The government intends to enter into negotiations with payment card networks, financial institutions, acquirers, payment processors, and businesses to lower credit card transaction fees for small businesses…”
– Federal Fall Economic Statement, November 3, 2022
Credit card merchant fees are far too high – everyday, my bottom line takes a significant hit so that I can accept electronic payments. And I’m not alone: nearly 80% of small business owners say that credit card processing fees are not sustainable. It’s unfortunate, but true that Canadian small businesses pay some of the highest credit card rates in the world.
I urge you to help my business by:
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses with 97,000 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.