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Flaherty’s Voluntary Code of Conduct Tougher Than Expected

Flaherty’s Voluntary Code of Conduct Tougher Than Expected
Canadians may not notice the difference in what way their use their credit cards or debit cards to make purchases. Federal Minister Jim Flaherty’s voluntary code of conduct for the credit and debit card industry has fundamentally changed the rules of the game. Among the highlights of the voluntary code of conduct are: - Banks will no longer be ... Full story
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Credit Card Industry on Notice

Credit Card Industry on Notice
Ottawa is proposing legislation that would give the federal finance minister the authority to regulate the credit and debit card industry. Finance Minister Jim Flaherty has said that he will only use his new authority if the industry fails to comply with a proposed voluntary code of conduct. We have the government propose in budget documents giving the ... Full story
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Businesses Want to Place Extra Fees on Consumers

Businesses Want to Place Extra Fees on Consumers
Retailers and small business owners are speaking up to be allowed to surcharge consumers for using their credit and debit cards and this power should be in the federal government’s voluntary code of conduct of conduct for the payments industry. The Canadian Federation of Independent Business (CFIB) was the ... Full story
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Weekly News Watch 20

Weekly News Watch 20
This week flew by pretty quick for me, especially since I was in bed most of the time fighting off a cold. Well that is behind me now and I am ready to report a summary of the events we saw this week. There wasn’t any news on the two credit card giants, ... Full story
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Flaherty Pressed to Get Tougher on Behalf of Merchants

Flaherty Pressed to Get Tougher on Behalf of Merchants
Finance Minister Jim Flaherty has to raise consumer and merchant protections in the multi-billion dollar credit and debit market, by rooting out a slew of controversial industry practices, which includes double cycle billing, notes members of the Liberal caucus on Nov. 2nd. The voluntary code of conduct that Flaherty is bringing ... Full story
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Visa Debit Processing Will Cost $300 Million

Visa Debit Processing Will Cost $300 Million
Canadian merchants will have to pay an extra $300 million in processing fees if Visa Canada acquires just 20% of the debit market next year, notes the leading retail advocacy organization. This figure is 5 times more than what Canadian merchants would have to pay for the exact same transactions under the current ... Full story
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Visa and MasterCard Co-badging

Visa and MasterCard Co-badging
Visa Canada came out to say that there is a big misperception that its new debit product is designed to rid Canada of its existing low cost service run by Interac Association. Critics go as far as to say that Visa debit is putting non-profit Interac in a bind as they begin to ... Full story
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