Credit cards – Reduction of the Industry Rate and Expansion of the Category

Dear CFIG Member:

As you are aware, CFIG and the Small Business Matters Coalition continues our battle to see further and sustained reductions in credit card swipe fees.

This week, we met with the Department of Finance as part of the review that has been ordered into fees, by the current government. The recent settlement between Visa and Walmart only underscores the need to provide a lower, regulated cap on fees that ensures independent grocers are not placed at a competitive disadvantage by how a customer chooses to pay.

The government has reiterated the high importance and benefit of us providing them with hard data to support our position that rates have NOT been reduced to the level that is necessary for a fair and transparent payments industry in Canada. We need your support so that you can help us to help you!

As we continue to battle on your behalf in the months ahead as part of the new government review, it is imperative that you play close attention the overall rates you are paying for both Visa and MasterCard.

Again we are providing you with the template response by which you can let us know what progress is being made on your own bottom line. We keep all responses confidential and only use the information on an overall aggregate basis, so that we can make factual judgements on how well, or not well, our members are doing on fee reduction targets.

Providing this data will help us continue pressing for more downward pressure on rates and putting more of the $5 billion paid annually in fees by retailers, back into allowing you to remain price competitive, reinvest in your businesses, generate more employment in your community and continue sourcing local products.

Together, we can make this happen.