Feb. 21, 2013, Canada – The Financial Consumer Agency of Canada (FCAC)
last week issued a report indicating payment card network operators are
not adhering to the code of conduct for the credit card industry in
Canada.
Feb. 21, 2013, Canada – The Financial Consumer Agency of Canada (FCAC)
last week issued a report indicating payment card network operators are
not adhering to the code of conduct for the credit card industry in
Canada.
The Canadian Restaurant and Foodservices Association (CRFA) says its
members appreciate this news, adding members have long complained about
lack of transparency and inappropriate business practices by credit card
companies.
Garth Whyte, CRFA president and CEO, congratulated commissioner Ursula
Menke and her team for following up on industry objections in a press
release. “These companies have been getting away with blatantly unfair
actions that completely ignore the terms of the Code agreed upon. It’s a
shell game that confuses our members and costs them a lot of money,”
Whyte said in the release.
The CRFA says restaurant operators are frustrated by a slew of unfair
practices, such as fees and rates differing from what they signed for,
contract terms changing without notice and multiple service provider
agreements in one contract.
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