Canadian Pizza Magazine

News
CRFA pleased with longer lead time for penny phase-out


August 8, 2012
By Canadian Pizza

Aug. 8, 2012, Toronto – The Canadian Restaurant and Foodservices
Association (CRFA) said last week it is happy with the federal government's
decision to keep the penny in circulation longer than planned, after
asking the government for a longer lead time and a clear transition
date.

Aug. 8, 2012, Toronto – The Canadian Restaurant and Foodservices Association (CRFA) said last week it is happy with the federal government's decision to keep the penny in circulation longer than planned, after asking the government for a longer lead time and a clear transition date.
 
“With 18 million customer transactions in the restaurant industry every day, the decision to remove the penny has a significant impact on our members,” said Garth Whyte, CRFA president and CEO. “We’re also calling for a robust consumer education campaign from the government so that our customers understand fully what is being planned and how the rounding process will work.”
   
A CRFA survey of restaurant owners found that 58 per cent are concerned that eliminating the penny and rounding transactions will have a negative impact on their business. A majority of respondents expect to incur extra costs for staff training (56 per cent); reprogramming point-of-sale equipment (54 per cent); and customer education (50 per cent).