CFIB Member Benefit – Lower credit card fees coming starting July 17th
As an eligible PIJAC Canada member, you receive a membership to the Canadian Federation of Independent Business (CFIB) at no extra cost! We are happy to share with out members exciting news coming from the CFIB. As of July 17th, 2020, members received lower credit card fees. Below are emails that were sent to members using Chase and those who aren’t.
Members using Chase:
Visa and Mastercard had postponed their rate reductions previously scheduled for April and May until the summer as both brands were forced to pause the necessary system changes during the COVID-19 crisis.
With summer now upon us, we’re pleased to confirm that the fee reductions will proceed beginning with Visa on July 17, 2020 and followed by Mastercard on August 1, 2020.
Here are the new rates CFIB members using Chase Merchant Services can expect to pay.
See the complete rate table HERE.
To compensate merchants for any additional fees paid during the 3-month delay, both Visa and Mastercard will be providing merchants with statement adjustments. Mastercard is providing monthly adjustments and you may have already seen the first adjustment for May on your June statement. Visa will be making a single adjustment for all 3 months in late summer or early fall. In both cases, the adjustments will be labelled as a “Retroactive Interchange Adjustment” on your statement from Chase Merchant Services.
These reductions are the result of CFIB continuing to push governments and credit card companies to lower rates and treat small merchants more fairly. This work to lower credit card processing fees would not have been possible without the support of our 110,000 members. Collectively, our members process over $15 billion in electronic transactions – making us one of the largest merchants in Canada.
On behalf of CFIB and your fellow business owners across Canada, we thank you!
Sincerely,
Dan Kelly
President & CEO, CFIB
Members not using Chase:
Visa and Mastercard had postponed their rate reductions previously scheduled for April and May until the summer as both brands were forced to pause the necessary system changes during the COVID-19 crisis. With summer now upon us, we’re pleased to confirm that the fee reductions will proceed beginning with Visa on July 17, 2020 and followed by Mastercard on August 1, 2020.
To compensate merchants for any additional fees paid during the 3-month delay, both Visa and Mastercard will be providing merchants with statement adjustments. Mastercard is providing monthly adjustments and you may have already seen the first adjustment for May on your June statement. Visa will be making a single adjustment for all 3 months in late summer or early fall.
For members processing with Chase Merchant Services, the statement adjustments will be labelled as a “Retroactive Interchange Adjustment”. Other processors may use different wording on their statements to describe the adjustments. Make sure to monitor your statements over the next few months for both the adjustments and rate reductions. As a point of comparison, we invite you to check out our new member rates with Chase.
These reductions are the result of CFIB continuing to push governments and credit card companies to lower rates and treat small merchants more fairly. This work to lower credit card processing fees would not have been possible without the support of our 110,000 members.
On behalf of CFIB and your fellow business owners across Canada, we thank you!
Sincerely,
Dan Kelly
President & CEO, CFIB
