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Big news for small business: details of first-ever credit card fee reduction
Canada's largest credit card companies have agreed to limit the amount they charge retailers to process transactions to 1.5 per cent of the value of what's being sold, for the next five years.
On November 4, 2014 Visa and MasterCard, which together dominate the credit payment processing industry in Canada and abroad, have agreed to cap the amount they will charge retailers at an effective average rate of 1.5 per cent. These rates will be effective April 2015, and those rates will be frozen for an additional five years.
Learn more about the announcement on credit card fees here and/or here.