👉In a major development, the Canadian government has announced the finalization of agreements with Visa and Mastercard to fulfill their Budget 2023 commitment of reducing credit card transaction fees for small businesses. These agreements will empower over 90% of credit card-accepting businesses in Canada, enabling them to qualify for reduced rates and experience interchange fee reductions of up to 27%. It is estimated that these reductions will collectively save eligible Canadian small businesses approximately $1 billion over a span of five years. Additionally, the government expects other credit card companies to follow suit and ensure that payment processors pass on these savings to small businesses. The new rates are set to take effect in fall 2024 after necessary system updates.✅ . . #SmallBusinessSupport #ReducedTransactionFees #CanadianGovernment #Visa #Mastercard #Budget2023 #SavingsForBusinesse #mnm #malayalisnearmeapp #canadaupdate #canadanews