Laying out the NDP’s practical plan to address small businesses’ concerns over rising credit card processing fees, NDP Consumer Protection critic Glenn Thibeault (Sudbury) launched the first of many public consultations with small business owners and community business groups concerned about these fees.
“The rising costs associated with processing credit card payments continue to hinder the competitiveness of Canadian business, from point of sale to online transactions,” said Thibeault. “Ultimately this results in reduced profit margins for merchants and higher retail costs for consumers.”
Because of overwhelming pressure, the Conservatives introduced a voluntary code in 2010 designed to protect small business owners from abusive practices undertaken by credit card companies operating in Canada. However, these measures have not adequately protected small merchants.
“Over the past four years, countless small business owners have told me they continue to struggle with the unreasonable cost of processing credit card transactions,” added Thibeault. “While governments around the world have regulated the costs of credit card swipe fees, the Conservatives’ self-regulatory approach has failed Canadian merchants. Enough is enough; the Conservatives need to act now.”
After today’s town hall in Toronto, Thibeault will travel to Winnipeg, Saskatoon, Vancouver, and Surrey to sit down and talk with small business owners and community business groups.