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Lower credit card fees coming for small businesses

The Canadian Chiropractic Association is pleased to see the announcement made by Minister Chrystia Freeland, Deputy Prime Minister and Minister of Finances, alongside Minister Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, affirming the governments commitment to lowering credit card transaction fees for small businesses.

As many of our members are small business owners of their clinics, they feel the affects of high credit card fees. And for many patients, the use of credit cards are their only forms of payment. The CCA recognizes this challenge, and has spent months advocating for the reduction of these credit card fees, as well as recommended this reduction in our 2022-2023 pre-budget submissions.

As highlighted in this announcement:

“Visa and Mastercard have agreed to:

  • reduce domestic consumer credit interchange fees for in-store transactions to an annual weighted average interchange rate of 0.95 per cent;
  • reduce domestic consumer credit interchange fees for online transactions by 10 basis points, resulting in reductions of up to 7 per cent; and,
  • provide free access to online fraud and cyber security resources to help small businesses grow their online sales while preventing fraud and chargebacks.

Small businesses will qualify with each credit card network individually. Specifically, small businesses with annual Visa sales volume below $300,000 will qualify for the lower interchange fees from Visa, and those with annual Mastercard sales volume below $175,000 will qualify for the lower fees from Mastercard.”

The CCA will continue to work with the government of Canada to improve access too chiropractic care for Canadians, while also working to improve the chiropractic profession for our members.

Full announcement can be found here.

About the Canadian Chiropractic Association

The Canadian Chiropractic Association represents Doctors of Chiropractic across Canada who treat and manage musculoskeletal conditions that impact the health of millions of Canadians. Every year, at least 4.7 million Canadians rely on chiropractors to help them manage the serious burden of musculoskeletal pain and disease. As one of Canada’s largest primary contact health care professions, chiropractors provide evidence-based, non-invasive, drug-free manual therapies.

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Brad Lepp, Director of Public Affairs