e-2625 (Business and trade)

Petition to the Government of Canada

• Small businesses are the backbone of the Canadian economy;
• Small businesses are being severely adversely affected by the COVID-19 pandemic;
• This adverse impact is being exacerbated by the fact that credit cards are being used more frequently during the COVID-19 pandemic, as an alternative to hard currency, and that the credit card processing fee for small businesses is approximately 2-3% per transaction;
• This fee compares unfavourably with the rates charged in other jurisdictions like Australia, where the rates are 0.5% per transaction;
• Small businesses are under significant pressure to reduce all of their operating costs due to the economic impact of COVID-19;
• Processing credit card transactions is vital for the survival of small businesses during the COVID-19 pandemic;
• While the Government of Canada has unveiled new and effective measures to support small businesses during these unprecedented times, there remain additional solutions which can be made to ease the financial burden of small businesses; and
• Although Finance Canada and the banks are coordinating responses to find solutions for Canadians during COVID-19, including a reduction in credit card rates for some impacted customers, these measures are on a case-by-case basis only, whereas there must be a universal solution for all small businesses at this time.