Chase Paymentech has renewed an agreement with the Canadian Federation of Independent Business (CFIB) on pricing for Chase's payment services for CFIB members.
Chase and the CFIB have had a discounted payment service agreement in place for over ten years.
"Collectively, CFIB members process billions per year in card-based transactions allowing us to negotiate a much better rate than a small business would be able to get on their own," CFIB president Dan Kelly said in a release.
The renewal doesn't come in a vacuum. The companies cited Visa and MasterCard's recent moves to lower their interchange rates in the press release announcing the renewal. The CFIB has been active in lobbying for a code of conduct for the credit and debit card industry in Canada, and the Canadian government enacted the code in April 2010.