QSA's Week in Retail (#2, 2024)
Credit card fees cut; Quebec supply chain investment; Gatineau business support; Wholesale trade dip; Eyewear market concentration.

Start Date: 2024-10-12
End Date: 2024-10-18
Top Headlines
Main Stories
Credit Card Fee Reductions for Small Business Owners
The Canadian government has negotiated new agreements with Visa and Mastercard to reduce credit card fees for small businesses, effective October 19, 2024. Domestic consumer credit interchange fees for in-store transactions will decrease to an annual weighted average of 0.95%, and online transaction fees will drop by up to 7%. This initiative is expected to save small businesses approximately $1 billion over five years. Retailers processing $300,000 in credit card payments could save $1,080 annually. The revised Code of Conduct for the Payment Card Industry in Canada will further aid businesses by improving transparency and shortening complaint handling times.
Sources: ['Announcements: www.canada.ca']