American Express Canada (AMEX) has been known to charge high payment processing fees, which discourages many businesses from accepting AMEX cards as a payment option. This may change as the Canadian Federation of Independent Business (CFIB) has agreed on a deal with payment processing firm Chase Merchant Services that will reduce the fee.
Note that there are several conditions for the business to qualify for this reduction in fees, so it is not system-wide just yet. The conditions include:
- Businesses who process less than $500,000 AMEX transactions per year
- CFIB members
- Using the Chase Merchant Services network
Depending on the member, they can receive up the 50% reduction. It may be worth noting that there are 110,000 CFIB members who collectively process over $12 billion a year. So whether this will translate to more businesses accepting American Express as a method of payment, remains to be seen. But this is definitely a step in the right direction!