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Chase Paymentech Offers CFIB’s SMB Card Savings

Chase Paymentech and the Canadian Federation of Independent Business (CFIB) have struck a new deal that allows CFIB small business members to receive preferred pricing from Chase’s payments services.

This decision came after the CFIB spent years lobbying for Visa and MasterCard to reduce the average effective interchange rates on consumer cards. The deal between Chase Paymentech and CFIB marks a 10-year partnership between the two, and continues their relationship.

“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,” said CFIB President Dan Kelly. “Not only does our relationship with Chase Paymentech mean that small firms get a terrific deal, but it ensures our members are treated well by one of the best companies in the business.”

As Chase Paymentech — the global payment processing and merchant acquiring business of JPMorgan Chase — and CFIB — Canada’s largest association of small- and medium-sized businesses with 109,000 members — continue their relationship, it will help small businesses achieve lower rate interchange rates. Through this deal, Chase Paymentech remains an ally to Canada’s small businesses as it works to provide its technology for reliable payment processing. Chase Paymentech offers its business customers POS, wireless, eCommerce and integrated hardware payment solutions, which Chase says “can help small businesses more effectively handle any payment type, including EMV Chip, mobile and contactless.”

“We are dedicated to providing our small business clients with solutions that help them reduce the overall cost of payment processing and grow their business,” said Nick Samurkas, president, Chase Paymentech Canada. “Our longstanding partnership with CFIB reinforces our commitment to working with entrepreneurs and the small business community.”

In related Chase news, in the U.S., USA Technologies and Chase Commerce Solutions recently announced a partnership that entails a multi-year agreement to help self-service retailers use USAT’s cashless payments service, while at the same time expanding the reach of Chase Commerce’s payment processing.

USA Technologies provides wireless, cashless payment and M2M/IoT solutions for small-ticket, self-serve retailing industries, and Chase Commerce is a global payment processing, merchant acquiring and offers business of JPMorgan Chase.

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Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. The July 2019 edition of the FI Innovation Readiness Playbook examines how the innovation playing field is leveling as small FIs implement bolder strategies and larger banks adopt more measured approaches.

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