TORONTO, Aug. 8, 2016 /CNW/ - The recent decision by Wal-Mart to begin eliminating their acceptance of Visa credit cards in certain markets, has once again brought back into the limelight the longstanding issue of excessive credit card 'swipe' fees paid by retailers.
Our coalition expects that very shortly, there will be an expansion of Wal-Mart's decision to refuse acceptance of Visa cards at more of their stores, as well as the release this month of the long awaited, 'independent third party audit' by Visa and MasterCard, pursuant to the voluntary agreement they entered into with the Harper government in 2014.
The Small Business Matters Coalition, representing a number of associations that represents over 100,000 small businesses in Canada, has a unique perspective on this issue that will be different than others purporting to speak on behalf of all retailers.
Our Coalition knows that none of our members have the leverage and economic clout of a Wal-Mart, which allows them to refuse to accept Visa credit cards from their customers. Yet, if the largest retailer in the world is forced to make such a dramatic decision, one can only imagine the impact such fees have on small businesses. Which is why the Competition Bureau says this issue disproportionately impacts the members we represent. After all, what small business in Canada can negotiate Costco's preferential fee agreement with MasterCard? That is why Main Street, not just companies with listings on Bay Street, needs to be heard.
Ninety-eight percent of the businesses in Canada are defined as small business. As the Coalition that speaks solely on behalf of that 98%, we urge you to keep us in mind for comment when your outlet puts together a story as this issue escalates in the weeks ahead.
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About Small Business Matters Coalition
The Small Business Matters Coalition was formed in 2014 to represent the interests of Canada's small businesses. The coalition is comprised of over 25 trade associations that represent in excess of 100,000 small business sites. Member associations have joined the coalition because they did not believe that governments across the country were paying close enough attention to the challenges faced by their small business members. By combining their efforts, these small businesses believe they can create a voice for their members that compares to the importance their members have to the Canadian economy and the communities they serve.
SOURCE Small Business Matters Coalition
For further information: Gary Sands, Telephone: 416-492-3261, Cell: 416-409-7882, Email: GaryS@cfig.ca, Website: www.sbmcoalition.com