March 12, 2018
CFIB partners with Chase to deliver lower credit card fees for small business
TORONTO--The Canadian Federation of Independent Business (CFIB) and Chase Merchant Services (Chase) announced today they have reached an agreement to further support Canadian small business. CFIB members will benefit from exclusive rates on American Express (Amex) transactions.
"This new deal is a big step forward for small business and recognizes their importance to the Canadian economy," said Dan Kelly, President and CEO of CFIB. "Many of our members could see significant savings with the new offer, for some this could represent a rate reduction of almost 50 per cent. This will benefit CFIB members by lowering the cost of offering Amex as a payment option, while ultimately providing value to consumers with greater access and payment choice."
As part of a decade-long commitment to lowering credit card fees for small business, CFIB continues to build partnerships to benefit small business and recognize the importance of its membership. In fact, CFIB members collectively process over $12 billion annually in electronic payments through Chase.
"Chase is excited to partner with CFIB to help support the growth of Canadian small business," said Rob Cameron, President, Chase Merchant Services in Canada. "Our partnership highlights the value of CFIB's 110,000 members and recognizes their collective strength."
Chase shares CFIB's commitment to small business across Canada. As a result of this partnership, members receive outstanding rates on all Chase transactions.
"We are excited to see Chase and CFIB partner to bring American Express acceptance to more small merchants," said Kerri-Ann Santaguida, Vice-President & General Manager, Merchant Services, American Express Canada. "This is part of our ongoing commitment to the small business community, designed to make it easier for them to do business with us by enabling acquirers like Chase to provide payment processing, servicing and pricing to small merchants."
The new CFIB special rate with Chase is available to businesses with less than $500,000 in Amex transactions. The deal is aimed at making it easier for small businesses to accept its payment cards. In addition to lower transaction fees, CFIB members will benefit from:
> Improved cash flow: Amex transactions delivered through Chase will be processed more quickly, allowing member merchants to receive next-day payment in most cases.
> Reduced administration time: Member merchants will be able to find all of their transaction information, including Amex, in one statement from Chase.
CFIB is Canada's largest association of small and medium-sized businesses with 110,000 members across every sector and region. Merchant Services is the global payment acceptance and merchant acquiring business of JPMorgan Chase & Co. and a leading provider of payment, fraud management and data security solutions, capable of authorizing transactions in more than 130 currencies. JPMorgan Chase passed $1 trillion in merchant processing volume the past two years and was ranked the world's #1 wholly-owned merchant acquirer by volume by The Nilson Report.