Credit cards are used very commonly especially for shopping, having shopping discounts and maintenance of a good credit profile and a history. Credit culture is now part of the shopping trends in Canada and is becoming more common since it has changed many things. The ‘CCSA’ or Canadian Convenient Stores Association is an organization that works for the convenient stores and makes decision for many key aspects as an association must play its role. The announcement was made by the Federal Finance minister Bill Morneau in order to cut down the costs of accepting credit card payments.
The announcement was taken very positively as a good news for the retailers and in parallel to the shopping industry in Canada.
This announcement builds upon the 2014 agreements with these companies and also is an added focus on closing the gap between the rates afforded to larger businesses at the expense of smaller ones. The smaller businesses should not be on the suffering end just because of the payments of credit cards. They have long proved to be a part of the financial system in Canada and largely talking the whole of North America. As according to Chera she adds that while we have hoped for deeper cuts. The today’s announcement is yet another step closer in holding the MNCs credit card companies more accountable. Being accountable means one has to be answerable to all the decisions and how decisions can take good form. The Association working in collaborations is looking for good feedbacks regarding the announcement. A start to make shopping a unique and an exemplary experience.
In addition to the announcement, lowering the fees can turn out to be one of a good marketing strategies for loyal customers especially. In business and according to experts, it’s better to retain old customers while making new ones.
Courtesy: MBE Blog
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