OTTAWA, May 14, 2012 /CNW/ - With a steady stream of mobile and
electronic payment options expected in the days ahead, Canadian small
business owners will be bracing themselves for the possibility of
another fee grab on the part of banks, credit card companies and newer
market entrants.
"Our experience with the introduction of premium credit cards saw
massive new fees for business with zero consultation and widespread
confusion for merchants," said Dan Kelly, senior vice-president of
legislative affairs for the Canadian Federation of Independent Business
(CFIB). "While we are pleased that the industry is actively reaching
out to small business and welcome the new guidelines for mobile
payments, we remain worried that another fee-palooza will soon hit
merchants."
CFIB will be watching closely to see if card processors add another set
of fees to process mobile transactions in the short term. In addition,
the creation of mobile wallets adds the possibility of pushing
transactions to the highest possible fee option.
CFIB is very pleased that Finance Minister Flaherty has indicated that
he will soon implement a payments advisory committee and consider
changes to the Code of Conduct for the Credit and Debit Card Industry
to address mobile issues. "The Code of Conduct has been a strong and
nimble tool to address industry issues and CFIB is already developing
amendments to ensure it helps address emerging mobile and electronic
payments," Kelly concluded.
To view the Code of Conduct for the Credit and Debit Card Industry: http://cfib.ca/a3164e
As Canada's largest association of small- and medium-sized businesses,
CFIB is Powered by Entrepreneurs™. Established in 1971, CFIB takes
direction from more than 109,000 members in every sector nationwide,
giving independent business a strong and influential voice at all
levels of government and helping to grow the economy.