Merchant payment service may be convenient and beneficial for your customers, but it’s a different story for you. Their costs keep going up, and it’s become one of your biggest irritants. We have been fighting for you on this issue for a long time. We have been hitting governments and the Merchant service industry hard for years to hear us. So we can say for sure that starting a merchant service company is perfect.
Fairness and transparency in the processing of payments
We have scored points by winning several major victories:
- A reduction in your fees on Visa and MasterCard
- Adopting a code of conduct for the payments industry that gives you more power over service providers.
- Maintaining the low-cost Interac debit system
- Discounted MasterCard rates exclusive to CFIB members through Chase.
- The possibility to come to charge additional fees for privilege cards.
But all is not yet won! We will not let go of the pressure until we achieve our goals. You can also opt for merchant services ISO now.
Rate Reduction
As of now, Merchant service fees are going down again for most transactions! The reduction has been in effect since last three years. This excellent news for traders like you is the result of the vast lobbying campaign that we have been carrying out for more than 10 years.
While the reductions will indeed take place, you should still exercise caution. Not all payment processing providers will pass them on entirely to their customers. Or they could do it while imposing other hidden fees. The only way to be sure of receiving 100% of the savings is to use our program which offers our members exclusive rates.
The rate cut in 2020 follows the rate cut and freeze a first in history that Visa and Mastercard implemented in April 2015, after years of negotiations! We played a key role in this progress. In the face of our pressure, the federal government, the Merchant service companies and the banks eventually gave in. However, this would not have been possible without the support of small business owners across the country.
Caution Is In Order
All traders should now see further discounts on their account statement, but you need to do your homework to get the best rates possible. Expect to be called upon even more by various treatment service providers. If they offer you rates that are too good to be true, beware or call us for an informed opinion.
There are new fees that we are watching closely, especially for returns and pre-authorizations. If they are of concern to you, please let us know as we object to any new costs for you. Check your statements to make sure your rates have been reduced. If you don’t see a drop in costs, contact your provider immediately or consider switching to another provider such as Chase, our partner who offers exclusive rates to our members and ensuring the rate reductions are fully passed on to you.
The Fight Continues On the Merchant Service File
Despite this great victory, we are continuing the battle to obtain more equitable and transparent conditions for SMEs. In fact, during the recent election campaign, we called on all parties to commit to taking action against these costs.
And when considering how to start a merchant processing company, the initial step is thorough market research. Analyze industry trends, identify your target audience, and assess the competition. Develop a solid business plan, secure funding, and obtain the required licenses. Building a strong network and investing in cutting-edge technology are vital for success in this field.