For Immediate Release
August 9, 2018
VANCOUVER, B.C. —The Greater Vancouver Board of Trade (GVBOT) applauds today’s Government of Canada announcement that the major credit card companies operating in Canada have agreed to reduce their fees charged to merchants by 10 basis points, to an average rate of 1.4 percent annually, effective in 2020. The government estimates that the cost savings to small businesses amounts to $250 million per year over the five-year term of the arrangement.
In a testament to the teamwork of the Chamber network, the Kitsilano Chamber of Commerce, championed by the GVBOT, led the move to press for reduced merchant fees on small businesses, bringing resolutions to the BC Chamber of Commerce and Canadian Chamber of Commerce in 2013. They were subsequently renewed at the 2016 AGMs.
Iain Black, President and CEO of the Greater Vancouver Board of Trade, stated “We are pleased that the federal government is listening to small businesses, and has worked with the major credit card companies to alleviate some of the costs facing small businesses operating in Canada.”
Black continued, “This is a positive step, and a win for the entire Chamber movement, but there are still further steps to take. For one, as the Canadian Chamber resolution states, we call for greater transparency, disclosure and flexibility, so that small business customers understand the full cost and obligation when they sign on as merchants with one of the major credit card companies.”
About the Greater Vancouver Board of Trade:
Since its inception in 1887, the Greater Vancouver Board of Trade has been recognized as Pacific Canada's leading business association, engaging members to impact public policy at all levels of government and to succeed and prosper in the global economy. With a Membership whose employees comprise one-third of B.C.'s workforce, we are the largest business association between Victoria and Toronto. We leverage this collective strength, facilitating networking opportunities, and providing professional development through four unique Signature Programs. In addition, we operate one of the largest events programs in the country, providing a platform for national and international thought leaders to enlighten B.C.'s business leaders.