May 15, 2012, Ottawa — With a steady stream of new payment options
expected in the days ahead, small business owners will be bracing for
the possibility of another "fee grab" by banks, credit card companies
and newer market entrants, according to the Canadian Federation of
Independent Business (CFIB).
"Our experience with the introduction of premium credit cards saw
massive new fees for business with zero consultation and widespread
confusion for merchants," said Dan Kelly, senior vice-president of
legislative affairs for the CFIB. "While we are pleased that the
industry is actively reaching out to small business and welcome the new
guidelines for mobile payments, we remain worried that another
fee-palooza will soon hit merchants."
The CFIB stated that it will be watching closely to see if card
processors add another set of fees to process mobile transactions in the
short term.
The association also noted that it was "very pleased" that minister of
finance Jim Flaherty suggested he will soon implement a payments
advisory committee and consider changes to the Code of Conduct for the
Credit and Debit Card Industry to address mobile issues.
"The Code of Conduct has been a strong and nimble tool to address
industry issues and CFIB is already developing amendments to ensure it
helps address emerging mobile and electronic payments," Kelly said.
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