I’m happy to share some very good news with you. This week, Visa and MasterCard announced the first-ever REDUCTION in the interchange fees you pay to accept credit cards and a freeze in those rates for an additional five years.
Both credit card providers have committed to reducing their average net effective interchange rates to 1.5%, effective in April 2015. This represents an average reduction of approximately 10% on the interchange portion of your monthly credit card processing fees. CFIB expects details from Visa and MasterCard on how the reductions will be achieved in the coming weeks.
Today’s announcement should put an end to the nasty surprises – regular fee hikes, ever-higher levels of premium cards – that have plagued small businesses like yours in recent years.
This announcement was made possible by business owners like you, who first alerted CFIB to skyrocketing credit card fees, provided the survey responses and more than 30,000 action alerts that were the backbone of our lobbying effort, and supported CFIB through your membership fees. This has been one of the biggest member campaigns in CFIB’s history.
CFIB will be vigilant as these commitments are put into action to ensure that the savings introduced by VISA and MasterCard are reflected in lower fees for small businesses. We will also continue to push to further improve fairness in the payments industry.
CFIB is grateful for your ongoing support and participation. Thank you.
Learn more about the announcement on credit card fees.
Call a CFIB Business Counsellor at 1-800-234-2232 for more information.
President, CEO and Chair