The agreements reached with Visa and Mastercard represent a major victory for our members. However, we still have work to do.
For Visa, we estimate that, depending on the sector and card type, rates should drop by 25% to 35%. This amounts to savings of $300 to $400 per $100,000 in sales. Our data shows that 56% of our members will be eligible for reduced Visa fees. For Mastercard, we estimate a reduction of 20%, or savings of $200 per $100,000 in sales. Our data shows that 66% of our members will be eligible for reduced Mastercard fees.
These changes mark a significant first step in easing the financial burden on small businesses. However, we also hope that the agreement will include other credit card companies, such as American Express.
We know that this reduction specifically concerns small businesses. We took the initiative at the end of the summer to send a letter to major purchasers and suppliers to ensure that small businesses will benefit from the savings.
I'll now give the floor back to Mr. Kelly.