Consultations on Reducing Credit Card Transaction Fees

OTTAWA: Gerald Soroka Member of Parliament for Yellowhead wishes to advise that the Department of Finance Canada is launching consultations with the aim of lowering the cost of doing business by reducing credit card transaction fees. These savings will allow small and medium-sized businesses recovering from the COVID-19 pandemic to direct financial resources toward growth and job creation.

Input is being sought from small business owners, key stakeholders and all Canadians to:

• lower the average overall cost of interchange fees for merchants;
• ensure that small businesses benefit from pricing that is similar to large businesses; and
protect existing rewards points of consumers.

The government intends to complete the consultation process in the fall and to provide details on next steps in a Fall Economic Statement.

To have your say, please email fin.payments-paiements.fin@fin.gc.ca with “Reducing Credit Card Transaction Fees” as the subject line by September 10, 2021.

Information can be found at: https://www.canada.ca/en/department-finance/programs/consultations/2021/reducing-credit-card-transaction-fees.html

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