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On May 19, there was a Small Business Matters Coalition Executive meeting in Ottawa with the Liberal MP, Linda Lapointe, (pictured) who is spearheading the Bill to reduce credit card fees paid by retailers.
Credit card interchange fees are upwards of 2% to 4% of the value of the transaction depending on the type of card, and these fees continue to be a major cost for grocers every time a customer pays by credit card.
Gary Sands, vice-president of public policy at the Canadian Federation of Independent Grocers, says our members have seen average fees decline in the last year, but not to the 1.5% target set by the Conservative government.
Interchange fees have fallen to 1.68% on average from more than 2% for CFIG members.
“Excessive credit card swipe fees not only impact small business retailers by constraining them from investing in their businesses or hiring more employees, but also result in higher prices for Canadian consumers whether they use credit cards or cash to make their purchases,” said Sands.
Sands is the chair of the Small Business Matters Coalition, representing over 90,000 small business retailers.
