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Convenience retailers welcome federal action to lower credit card fees

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OTTAWA, Aug. 09, 2018 (GLOBE NEWSWIRE) -- Canada's convenience store retailers are welcoming today's announcement by federal Finance Minister Bill Morneau to help lower the cost of accepting credit card payments. 

"Today's credit card announcement is good news for small retailers, who bear a heavy financial burden for accepting credit card payments," said Satinder Chera, President of the Canadian Convenience Stores Association (CCSA), who was joined at today's announcement by Michel Gadbois, President of the Quebec Convenience Stores Association. "Along with our partners in the Small Business Matters Coalition, we particularly welcome the federal government's trust-but-verify measure to hold the credit card companies accountable for their commitments to lower interchange fees."

Today's announcement builds upon the 2014 voluntary agreements with these companies, with the added focus on closing the gap between rates afforded to larger businesses at the expense of smaller ones. Implementing third-party verification of interchange fees actually being reduced is another important measure in today's announcement.

"While we had hoped for deeper cuts, sooner, we see today's announcement as another step in holding the multi-national credit card companies more accountable for their impact on small businesses," said Chera.

The Association looks forward to working with its partners to continue meeting with Finance Minister Morneau and his staff to provide ongoing feedback on today's announcement. 

Contact: Satinder Chera, President
Canadian Convenience Stores Association (CCSA)
schera@theccsa.ca
Phone: (416) 669-7632

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