The Canadian Federation of Independent Business (CFIB) and Mastercard have reached an agreement that will reduce payment card interchange rates for members of Canada’s largest small-business organizations, bringing them on par with large merchants’ rates in the market.

The new arrangement begins April 3, enabling the CFIB’s members to get the same interchange rate as Canada’s largest retailers, which will reduce rates on regular credit cards to 1.26% of the purchase from 1.44%, representing a savings of about 12.5% on most regular credit card transactions, the CFIB said in a Thursday press release.

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