The Financial Consumer Agency of Canada (FCAC) has clarified rules around the application of the Code of Conduct for the Credit and Debit Card Industry in Canada that address concerns raised by CFIB, including the practice by some rogue players in the industry to circumvent the Code by splitting contracts to trap small merchants into exorbitant fees.
This decision will stop this practice from happening in the future. For more details, visit the FCAC website.
CFIB spearheaded the creation of the Code in 2010, and has continued to work closely with the federal government and agencies like FCAC to protect small businesses from unfair treatment by the payments industry. This announcement ensures the Code continues to do what it was intended to do – protect consumers and merchants.
Thanks CFIB your doing a great job!
Link to origanol artice: Federal regulator sides with CFIB on unfair credit card practices