February 16, 2017
Canadian Federation of Independent Business negotiates special payment processing rate for members with MasterCard
TORONTO -- The Canadian Federation of Independent Business (CFIB) and Mastercard today announced an agreement that recognizes the contribution and importance of small businesses to the Canadian economy and local communities. The partnership demonstrates the benefits of electronic payments in Canada while helping to reduce the cost of acceptance for small- and medium-sized enterprises (SMEs) who are members of the CFIB - Canada's largest organization representing SMEs.
"This new agreement with Mastercard is a big deal for small business," said Dan Kelly, President of CFIB. "It gives members access to transaction rates that reflect their combined sales of more than three billion dollars, and lowers their cost of acceptance. This is a significant step forward in Canada's payment industry and serves as an important sign of progress in the relationship between payment companies, like Mastercard, and smaller merchants," Kelly concluded.
"Mastercard is continuing its commitment to small businesses, which play a critical role in fueling the Canadian economy and local communities," said Brian Lang, president of Mastercard in Canada. "By recognizing the collective contributions and strength of CFIB's 109,000 members, we expect our agreement will help small businesses continue to grow and give them more opportunity to bring innovative products and services to Canadian consumers."
The agreement advances Mastercard's strategy to strengthen the growth of SMEs across Canada. In addition to the new CFIB membership offer, business owners already have access to a number of valuable, Canadian-specific resources from Mastercard, created with local business owners in mind, including the Mastercard Business Owner Toolbox (MBOT), Local Market Intelligence, Master Your Card education sessions, and Digital Main Street, in partnership with the City of Toronto.
More details on the new partnership are available at www.cfib.ca/mastercard.