Small businesses only have until Sept. 30 to apply for a portion of a multi-million dollar settlement with Visa and Mastercard, says the Canadian Federation of Independent Business (CFIB). Depending on their size and average annual revenue, businesses that have been accepting Mastercard and/or Visa credit cards as payment between 2001 and 2021 can claim up to $5,000.
“The class action settlement provides a welcome bit of financial relief to small businesses that have been paying hefty credit card processing fees for decades. But more importantly, businesses that have not yet applied should do so today, especially as the process does not require most to submit documentation,” said Corinne Pohlmann, Senior Vice-President of National Affairs at CFIB.
For more than a decade, CFIB has been pushing governments and the credit card industry to treat small merchants fairly and transparently. CFIB continues to call on the federal government to deliver on its 2019 election promise to further reduce ongoing credit card processing fees for small business.
“The Liberal government has frequently promised to lower credit card fees in its election campaigns and budgets. This would be an excellent way of helping small businesses deal the massive inflationary pressures they are facing,” said Dan Kelly, CFIB president.
For more information about the settlement, eligibility and how to claim a portion of the settlement, visit cfib.ca/classaction.
. Depending on their size and average annual revenue, businesses that have been accepting Mastercard and/or Visa credit cards as payment between 2001 and 2021 can claim up to $5,000.){kind=link}