The Canadian Federation of Independent Business (CFIB) is pleased that today’s federal budget confirms a deal to lower credit card fees for small merchants, as promised in last fall’s economic statement. However, the budget was a missed opportunity to provide relief to small businesses facing massive debt loads and cost increases.

“The biggest win in the 2023 budget is the deal reached with Visa and Mastercard to reduce credit card fees for small business owners,” said Dan Kelly, CFIB president. “A reduction of up to 27% in small business merchant fees is significant, but more details are needed to determine how many small businesses will benefit from this plan.” CFIB has been working closely on this file with government and is pleased with the commitment to expand reductions to other cards, such as American Express, and ensure the reductions are passed on to small firms by payment processors.

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