CRFA reacts to FCAC report

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.