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Possible mobile payment fee causes concern

May 15, 2012
Written by Canadian Garden Centre & Nursery
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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