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19/11/2009 -
Finance Minister Jim Flaherty released Thursday afternoon a proposed Code of Conduct for the Credit and Debit Card Industry in Canada, largely in response to the debate over Visa and MasterCard's forthcoming entry into the Canadian debit payment processing market.The code of conduct, which will be circulated for a 60-day comment period, aims to ensure that merchants are fully aware of the costs associated with credit and debit card payment processing, to provide merchants with added pricing flexibility to help them choose the most inexpensive payment processing option, and to allow merchants to "freely choose" which payment options they will accept.
"This proposed code is intended to promote fair business practices and ensure merchants and consumers clearly understand the costs and benefits of credit and debit cards," said Flaherty. "The government supports efforts that encourage a competitive environment which provides for fair pricing practices, innovation, a safe and secure payment system, and high quality services for consumers and merchants."
Many merchant and small business trade groups - such as the Canadian Federation of Independent Grocers, the Canadian Federation of Independent Business, the Retail Council of Canada and the Canadian Council of Grocery Distributors - have expressed their support for this measure.
