TORONTO, Sept. 18, 2012 /CNW/ - The Canadian Federation of Independent
Business (CFIB) welcomed today's announcement from the federal
government that it will expand the Code of Conduct for the Credit and Debit Card Industry to deal with the growing use of mobile payments (i.e. using smartphones
and other devices to pay for purchases).
"The Code that CFIB initially proposed, and the government implemented,
was a worldwide first that helped save low-cost debit in Canada and
gave merchants some degree of power in dealing with the industry," said
CFIB national affairs vice president Corinne Pohlmann. "Today's
announcement on mobile payments will help make the Code even more
relevant and useful to small business owners, and we applaud the
government for taking this action."
In addition to amending the Code to address mobile payment options, CFIB
recommends the government also consider further changes to the Code
Allow merchants the right to refuse, or add limited surcharges to
high-cost credit cards;
Strengthen provisions related to card processor practices as some
players are using loopholes to avoid the merchant protections of the
Develop more effective dispute resolution processes.
"In the past two years, CFIB has become the payment industry's
unofficial watchdog, and this role has allowed us to stay on top of
credit and debit card developments," added Pohlmann. "Today's actions
show that the government is prepared to update the Code of Conduct as
the credit card industry evolves to continue to level the playing field
between the payments industry and small businesses."
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.
SOURCE: CANADIAN FEDERATION OF INDEPENDENT BUSINESS
For further information:
For further information or to arrange an interview with Corinne Pohlmann, please contact Gisele Lumsden at 416-222-8022 or email email@example.com. To read CFIB's recommendations to the Ministry of Finance, visit: http://cfib.ca/a3945e