RCC calls on processors, banks and credit card companies to come clean with new merchant services and contracts
November 11, 2009
Retail Council of Canada continues to fight on your behalf to bring fairness, transparency and accountability to the Canadian payments system. While skyrocketing fees for credit card acceptance remain a major focus of our StopStickingItToUs campaign, the imminent introduction of new debit schemes into the Canadian market by the two major credit card companies — Visa and MasterCard — are a critical focus area this fall and into the early part of 2010. In the coming months, these two large multi-national companies and their issuing banks will heavily market their debit offerings to Canadian consumers, and to merchants for acceptance.
In an effort to bring greater clarity to the merchant community and to ensure retailers know exactly what they are signing up for when approached by their processors and/or the credit card companies to accept these new cards, Retail Council of Canada has recently sent letters to the following institutions asking for clarification and to voice merchants' concerns:
In addition to these letters, RCC and its coalition partners have been communicating regularly with key government officials and other stakeholders, stressing the urgency of quick action to safeguard Canada's low-cost and efficient debit market before the entry of these new schemes.
To ensure that this issue remains on the public policy agenda, RCC is also keeping up the pressure in the media to ensure Canadians and their representatives on Parliament Hill are aware of the serious and widespread implications of two international debit players entering the Canadian market but operating outside the current rules that have served our country well for more than two decades. Click here to read an article from The Toronto Star.
Thank you to all members for your continued support in this important battle.
If you have any questions or require further information, please contact Ruth Thorkelson, Senior Vice President, Public Affairs, at (888) 373-8245, ext. 234; e-mail: rthorkelson@retailcouncil.org.