July 24, 2013, Ottawa – The Competition Tribunal may have rejected the complaint against credit card companies, but it has found that a stronger regulatory framework for credit card fees is required, reported the Canadian Restaurant and Foodservices Association (CRFA) in a news release.
This is an issue that the CRFA has been telling the government about for years, the association noted in the release.
“The federal Finance Minister has the authority to regulate credit card fees,” says Garth Whyte, CRFA president and CEO. “With the Tribunal’s ruling, it’s clear it’s high time government takes action. We can guarantee that CRFA will be pursuing this matter further with government.”
Impact of credit card fees:
· A typical full-service dining restaurant could pay $10,000 or more a year in credit card fees.
· Credit card fees are charged on the meal, the tax and the tip. In many cases the credit card fees are higher than the restaurant’s profit.
· The restaurant industry as a whole pays $40 million a year in credit card fees on sales taxes alone.
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