The Canadian Federation of Independent Business (CFIB) has signed an agreement with Chase Merchant Services to cut down the fees on American Express (Amex) transactions for small businesses in Canada.

The deal is part of CFIB’s goal to reduce rates on credit card for small retailers through alliances that will benefit these businesses.

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The decreased costs are applicable for CFIB members that see less than $500,000 in Amex transactions, and the businesses are set to experience a rate reduction of approximately 50%.

CFIB president and CEO Dan Kelly said: “This new deal is a big step forward for small business and recognises their importance to the Canadian economy.

“This will benefit CFIB members by lowering the cost of offering Amex as a payment option, while ultimately providing value to consumers with greater access and payment choice.”

Apart from lower fee, CFIB members are also expected to have easy and quick transactions with improved cash flow, as well as minimised administration time through a single statement for all the transaction information.

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American Express Canada vice-president and general manager of merchant services, Kerri-Ann Santaguida said: “We are excited to see Chase and CFIB partner to bring American Express acceptance to more small merchants.

“This is part of our ongoing commitment to the small business community, designed to make it easier for them to do business with us by enabling acquirers like Chase to provide payment processing, servicing and pricing to small merchants.”