VISA and Mastercard to lower credit card fees for small businesses, saving $1 billion over 5 years.

“Visa and Mastercard agreements to save small businesses $1 billion in credit card fees over 5 years”

Good news: We’ve finalized agreements with VISA and Mastercard to lower credit card transaction fees for small businesses. This is expected to save eligible small businesses around $1 billion over five years. More details here: https://t.co/tOLaSmT7Jx

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— Justin Trudeau (@JustinTrudeau) December 5, 2023

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Good news for small businesses in Canada as the government has announced agreements with VISA and Mastercard to lower credit card transaction fees. This move is expected to save eligible small businesses around $1 billion over the next five years.

Prime Minister Justin Trudeau took to Twitter to share the positive development, stating that the government has finalized agreements with the two major credit card companies to reduce transaction fees for small businesses. The tweet also included a link to further details on the matter.

The decision to lower credit card transaction fees comes as a relief for small businesses, which have been struggling to recover from the economic impact of the COVID-19 pandemic. These fees can often be a significant burden for small businesses, eating into their already limited profit margins.

By negotiating lower transaction fees with VISA and Mastercard, the Canadian government aims to provide much-needed support to small businesses and help them thrive in the post-pandemic economy. The estimated savings of $1 billion over five years will allow small business owners to invest in their businesses, hire more employees, and stimulate economic growth.

The details of the agreements have not been fully disclosed yet, but it is expected that the reduced fees will be applicable to eligible small businesses across various sectors. The criteria for eligibility are likely to be based on factors such as annual revenue and transaction volume.

This move also aligns with the government’s efforts to promote a fair and competitive marketplace for small businesses. Lower transaction fees will level the playing field for small businesses, enabling them to compete more effectively with larger corporations. It will also encourage consumers to support local businesses, knowing that their purchases will have a more significant impact.

The reduction in credit card transaction fees is just one of several measures the government has taken to support small businesses during these challenging times. Other initiatives include financial assistance programs, tax incentives, and regulatory reforms.

The announcement has been met with widespread appreciation from small business owners and industry associations. Many have expressed their gratitude to the government for recognizing the struggles faced by small businesses and taking concrete steps to alleviate their financial burdens.

As the Canadian economy continues to recover, the reduction in credit card transaction fees is expected to provide a much-needed boost to small businesses. It will not only save them money but also enable them to invest in growth and contribute to the overall economic recovery..

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@JustinTrudeau said Good news: We’ve finalized agreements with VISA and Mastercard to lower credit card transaction fees for small businesses. This is expected to save eligible small businesses around $1 billion over five years. More details here: tinyurl.com/486w3et2

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