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16/04/2010 -
On Friday morning, Finance Minister Jim Flaherty released the Code of Conduct for the Credit and Debit Card Industry in Canada, designed to give merchants more choice and visibility in payment processing."Businesses have voiced real concerns about the lack of choice they have had in accepting debit and credit card payments, and about the costs involved," said Flaherty. "The Code of Conduct encourages choice and competition. It gives merchants the freedom to choose which card networks they use, helps them control their costs, and allows them to pass on savings to their customers."
The code requires credit card companies to give clear information regarding fees and rates - as well as give advanced notice of any new fees or rates - and allows merchants to terminate a contract without penalty in the case of fee or rate increases. It also allows merchants to accept credit payments from a certain network without being obligated to accept debit payments from that network, and vice versa.
These regulations are largely a response to small businesses' concerns regarding priority routing, lack of competition and payment processing transaction fee hikes that could occur when MasterCard and Visa enter the Canadian debit card industry.
The code of conduct has met with praise from the Payments Accountability Council - comprised of the Retail Council of Canada and the Canadian Council of Grocery Distributors - as well as the Canadian Federation of Independent Business, both of which issued statements of approval following the announcement.
