Today MP Glenn Thibeault, Official Opposition Critic for Consumer Affairs, is continuing his cross country tour on credit card fees for business with a visit to the riding of Brant with Brant NDP Federal Candidate of Record Marc Laferriere.
As you may be aware, Canadian merchants pay some of the highest fees in the world to process credit card payments. The average rate to process a credit card payment in Canada is over 2% of the purchase price, whereas in Australia the average rate is about 1% and in the UK about 0.79%.
These high fees have repercussions for both small businesses, which have to pay about $200 or more in processing fees for every $10K processed, and for consumers, as businesses are forced to pass along this cost in the form of higher retail prices, regardless of the payment method. Over the past four years, we have been hearing countless stories from entrepreneurs who are struggling to stay in business because of the high cost of these merchant fees which eat into their sustainability.
Thibeault will be in Brantford & Brant, to hear from businesses and business organizations about their experiences with merchant fees and to look for suggestions on how we can make the system fairer for job creators and consumers.
Special thanks to Sophia’s Bakery – 60 Colborne Street (Corner of King St. & Colborne St.) in Brantford for hosting today’s Roundtable discussion for business owners and organizations which will take place from 3-4pm.