MONERIS STATEMENT REGARDING RECENT MEDIA REPORTS ON THE CODE OF CONDUCT FOR THE CREDIT AND DEBIT CARD INDUSTRY

TORONTO, Feb. 21 /CNW/ - Moneris continues to be an active participant in the industry consultations regarding credit and debit acceptance and fully adopted the Code of Conduct for the credit and debit card industry on May 13, 2010. Since adoption, we have worked diligently to ensure our full compliance with the Code.

We recently informed merchants of a revised pricing structure, in complete compliance with the Code, which introduced an interchange differential fee to better align a merchant's cost of processing payments with the types of cards they accept. The introduction of premium cards has increased pricing complexity in the Canadian market place and as such processing costs for merchants may trend higher because premium cards attract a higher interchange rate, as set by the payment networks, such as Visa ® and MasterCard ®. This pricing structure is not proprietary to Moneris and is currently used, in Canada, by Chase Paymentech and, most recently, TD Merchant Services.

In a Globe and Mail article on February 21, 2011, Mr. Daniel Kelly of the Canadian Federation of Independent Business (CFIB) was quoted as saying "Moneris makes it impossible for merchants to understand the impact of the changes on their fees" and, as such, does not allow merchants to fully assess the impact of pricing changes until after the 90 days notice period has passed.  Mr. Kelly's comments are inaccurate and misleading. Moneris has always been committed to providing clear and concise communications to inform our merchants of changes affecting them. As with any communication sent to our merchants, we have extensively trained our service centre staff to ensure all merchants' questions and concerns are answered effectively and efficiently.

The CFIB has directed its members who are Moneris merchants to call us to discuss the impact of the price change on their accounts. We have and will always welcome merchant inquiries as we value our merchant relationships that have allowed us to achieve the status of Canada's largest and leading payment processor. Moneris has received very few merchant inquires regarding the introduction of the new pricing structure.

The CFIB also directs its members to consider other payment processing options, with emphasis on a company that the CFIB has a partnership arrangement with. Given that the CFIB has a preferred arrangement with Chase Paymentech, they are conflicted in issuing a communication to their members clearly favouring that company. It is of note to highlight that Chase Paymentech introduced the very same pricing structure well before Moneris.

Moneris has always advocated on behalf of its merchants and will continue to play a leadership role in industry discussions with all relevant stakeholders to ensure that merchants realize transparency and fairness. We encourage our merchants to call our service centre 24 hours a day, seven days a week with any questions or concerns they may have.

SOURCE MONERIS SOLUTIONS CORPORATION

For further information:

David Ades
Moneris Solutions
416.734.1246  

Kirsten Walkom
MAVERICK PR
416.662.1487

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