(Aug 24/10) A win for CRFA members!
On Aug. 16, the Code of Conduct for the Credit Card and Debit Card Industry in Canada took effect, creating a fairer and more transparent payment card system for restaurant operators. All payment card networks, including MasterCard Canada, Visa Canada and American Express, have signed on.
For more than a year, CRFA actively pushed government to address the imbalance in negotiating power between credit card companies and merchants. CRFA congratulates Minister Flaherty and the Government of Canada for listening to our concerns.
The Code of Conduct helps address various issues including:
Due to the Code, the Canadian marketplace will continue to have a low-cost debit option, unlike some other international jurisdictions.
Restaurant operators that feel their rights under the Code have been violated can call the Financial Consumer Agency of Canada (FCAC) at 1-866-461-3222. The FCAC will monitor issues and work with payment card networks to resolve them and report annually to the Minister of Finance.
CRFA will participate in a year-long review of the Canada’s payment card systems through a Task Force established by the Minister of Finance in June 2010. CRFA members are encouraged to provide feedback on Code compliance and other issues with credit and debit card systems.