If you are not seeing savings, you should contact your processor immediately or consider a new one, such as CFIB’s exclusive program with Chase.Įven with these new savings, CFIB continues to push for improved fairness to merchants. Check your statements to ensure you see your rates come down.
If these are significant areas of concern, please let us know as we are pushing back against any new costs.
There are new fees that we are watching carefully, including a new Mastercard fee for returns and pre-authorizations. If rates look too good to be true, trust your judgement or call us for advice (see our tips on choosing a processor). You can expect to get even more calls from card processors asking for your business. While all merchants should now see additional savings, it is extremely important that you take care to ensure you get the best rates possible. This happened due to the support of small business owners from coast to coast. Together with our members, we spent years calling on the federal government, the credit card companies and the banks to address this significant cost. The cuts in 2020 follow the reduction and five-year freeze that Visa and Mastercard implemented in April 2015 – the first-ever reduction, coming after years of negotiation!ĬFIB played a key part in making this happen. Other processors may not pass the entire savings onto their clients, or may claw back some of your savings with hidden fees. The only way CFIB can ensure you are getting 100% of the new savings is your business is using CFIB’s member exclusive pricing from Chase. While the rate reductions are good news indeed, you should still be cautious. It’s part of a broader push by CFIB to ensure credit card processing fees are fairer and more transparent for small businesses. This is great news for independent merchants like you. Lower feesĪs of July 2020, credit card fees decreased again on most transactions! Visa enacted their fee reductions on July 17, and Mastercard's changes came into effect on August 1. Credit cards remain a concern for you, so we will keep the pressure on to make sure that big corporations treat small businesses fairly and transparently. We’ve made progress, but the fight isn’t over. The ability to surcharge (coming soon) for premium cards. 
Exclusive low rates for CFIB members with Chase and American Express.Protection of Canada’s low-cost Interac debit system.
#BEST CREDITCARD PROCSSOR CODE#
A code of conduct that gives you more power with payment processors. In more than a decade of fighting, we have achieved several crucial victories for you: 
A long history of rising costs made this issue top of mind for you, and CFIB has been on your side.įor years, we have been a powerful force in negotiating with government and the credit card industry to ensure independent businesses like yours get a fair shake on payment processing. Credit cards may be handy for customers-but expensive for merchants like you.
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