In a recent partnership with the Government of Canada credit card companies Visa & Mastercard have decided to lower their percentages of fees for small business owners. The following changes are taking place in the fall of 2024 reduce domestic consumer credit interchange fees for in-store transactions to an annual weighted average interchange rate of 0.95 per cent; reduce domestic consumer credit interchange fees for online transactions by 10 basis points, resulting in reductions of up to 7 per cent; and, provide free access to online fraud and cyber security resources to help small businesses grow their online sales while preventing fraud and chargebacks. To be eligible Visa has suggested small businesses with Visa sales that are below $300k annually, and Mastercard for $175k. Non-profit organizations will also benefit (given the threshholds). In their press release (see below for link for more details) they give 2 examples of small businesses and how it would impact: Company with
Indigenous entrepreneurs have until June 21st to submit their pitch for the Pow Wow Pitch competition. https://www.powwowpitch.org/pitch/ With prizes running from $500 to $25,000 for 1st place it's also an opportunity for entrepreneurs to have their business recognized on a large stage! All for a 1 minute pitch!