TORONTO, Nov. 18, 2014 /CNW/ - With Visa and MasterCard both sharing their plans on how to achieve the promised 10% average interchange fee reduction today, the Canadian Federation of Independent Business (CFIB) is available for comment. CFIB's president Dan Kelly and senior vice-president of National Affairs Corinne Pohlmann are both available from Toronto.
On November 4th, the two credit card providers announced a commitment to reduce credit card processing fees and a freeze at those levels for five years. (Note that interchange rates are one of three parts that make up the credit card processing fees paid by merchants.)
CFIB spearheaded the creation of the Code of Conduct for the Credit and Debit Card Industry in 2010, and has continued to lobby the payments industry and the federal government for rate reductions for merchants. Enhancements to the code are also expected in the near future.
Link to Visa information: Visa: http://visa.ca/en/aboutcan/mediacentre/interchange/Upcoming-Changes-to-Interchange-Rates-April-2015.pdf
Link to MasterCard information: http://www.mastercard.com/ca/wce/PDF/MasterCard%20Canada%20Interchange%20Changes%20for%20April%202015.pdf
CFIB is Canada's largest association of small and medium-sized businesses with 109,000 members across every sector and region.
SOURCE: Canadian Federation of Independent Business
For further information: To arrange an interview with Dan Kelly or Corinne Pohlmann, please contact Gisele Lumsden at 416-222-8022 or [email protected]