Good News for Performing Arts Organizations about Credit Card Processing Fees

November 26, 2014 – Our friends at Imagine Canada have confirmed that both Visa and Mastercard have come to a voluntary agreement with the Government of Canada related to credit card processing fees.

MasterCard and VISA logosAccording to Imagine Canada, "on average, these fees for all merchants will now be reduced to 1.5% of the transaction value." The new rates take effect on April 1, 2015.

This is good news for box office revenues, and there's more to it: charities will benefit from steeper reductions than other categories of merchant. This means that performing arts charities will keep a greater proportion of donations made by credit card.

We are still trying to figure out if the steeper reductions might also apply to nonprofits. We'll keep you aprised as more information becomes available.

By the way, Giving Tuesday is December 4. Don't wait until credit cards rates have gone down to join the movement and/or to make your own donations.

 

 

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