{"id":6297,"date":"2024-08-15T08:18:00","date_gmt":"2024-08-15T13:18:00","guid":{"rendered":"https:\/\/geasypay.com\/lower-transaction-fees-in-autumn-2024-what-will-change\/"},"modified":"2024-10-04T15:53:34","modified_gmt":"2024-10-04T20:53:34","slug":"lower-transaction-fees-in-autumn-2024-what-will-change","status":"publish","type":"post","link":"https:\/\/geasypay.com\/en\/lower-transaction-fees-in-autumn-2024-what-will-change\/","title":{"rendered":"Lower transaction fees in autumn 2024: what will change?"},"content":{"rendered":"

It’s now confirmed: lower transaction fees for Canadian SMEs are scheduled for fall 2024! <\/strong> This initiative is aimed at small businesses with annual sales not exceeding $300,000 with Visa and $175,000 with Mastercard.
\nThese businesses will benefit from an average interchange rate of 0.95% for in-store sales, with a 0.1% reduction on electronic transaction fees.
\nAccording to the Canadian Federation of Independent Business (CFIB<\/a>), these adjustments could result in savings of up to 27% for a majority of SMEs. <\/p>\n

A victory for business<\/h2>\n

The lower transaction fees are the result of a 2023 agreement between the federal government and the major credit card networks, including Visa and Mastercard.
\nThe aim is to reduce costs for small businesses, which are heavily impacted by high fees on credit card transactions.
\nThis change represents a significant financial relief for SMEs, particularly in a post-pandemic economic climate.
\nIn a press release dated May 2023<\/a>, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, points out: ” Small businesses are the backbone of the Canadian economy and play an important role in the vitality of communities and local economies across the country.
\nVisa and Mastercard’s new commitments will make credit card transactions fairer for small businesses, which don’t have the same bargaining power as larger companies when it comes to negotiating lower rates.
\nWith lower interchange fees, small businesses will be able to save money they can use to grow and create more good jobs. <\/em> “.
\nAcquirers, who provide payment processing services to merchants, are at the heart of this transition.
\nThey must adapt their systems and ensure that the new pricing structures are properly implemented.
\nThe success of this initiative depends on their ability to adapt quickly and to inform SMEs of the upcoming changes. <\/p>\n

Transparency and vigilance in lowering transaction costs<\/h2>\n

This transition comes with its challenges.
\nSome companies are concerned that discounts will not be fully returned to them.
\nWhat’s more, the complexity of the new fee structures may cause stress and concern.
\nSMEs will need to remain vigilant to ensure that they are properly benefiting from the promised reductions.
\nCFIB stresses the importance of transparency in the application of fees to ensure that these savings are actually realized by companies.
\nIt also encourages SMEs to check their statements after the implementation of the new fee structures. <\/p>\n

The crucial role of CFIB<\/h2>\n

Visit Canadian Federation of Independent Business (CFIB)<\/strong> <\/a>is the leading voice of small business in Canada, representing 97,000 members in a variety of sectors.
\nIn addition to defending the interests of small businesses, CFIB continues to lobby for the extension of these lower transaction fees to other credit card providers, so that more SMEs can benefit.
\nCFIB remains a key player in ensuring that the transparency and fairness of transaction fees allow businesses to better manage their costs and plan effectively for the future.   To find out more about lower transaction fees and to prepare yourself effectively for this change, please contact us today<\/a>.
\nOur team of experts is at your disposal to support you in this major evolution of the payment industry.
\nIf you don’t yet have a payment terminal, we offer a range of payment solutions<\/a> at attractive prices. <\/p>\n","protected":false},"excerpt":{"rendered":"

It’s now confirmed: lower transaction fees for Canadian SMEs are scheduled for fall 2024! This initiative is aimed at small businesses with annual sales not exceeding $300,000 with Visa and $175,000 with Mastercard. These businesses will benefit from an average interchange rate of 0.95% for in-store sales, with a 0.1% reduction on electronic transaction fees. […]<\/p>\n","protected":false},"author":2,"featured_media":6232,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[],"class_list":["post-6297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/geasypay.com\/en\/wp-json\/wp\/v2\/posts\/6297","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/geasypay.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/geasypay.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/geasypay.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/geasypay.com\/en\/wp-json\/wp\/v2\/comments?post=6297"}],"version-history":[{"count":1,"href":"https:\/\/geasypay.com\/en\/wp-json\/wp\/v2\/posts\/6297\/revisions"}],"predecessor-version":[{"id":6299,"href":"https:\/\/geasypay.com\/en\/wp-json\/wp\/v2\/posts\/6297\/revisions\/6299"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/geasypay.com\/en\/wp-json\/wp\/v2\/media\/6232"}],"wp:attachment":[{"href":"https:\/\/geasypay.com\/en\/wp-json\/wp\/v2\/media?parent=6297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/geasypay.com\/en\/wp-json\/wp\/v2\/categories?post=6297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/geasypay.com\/en\/wp-json\/wp\/v2\/tags?post=6297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}