Finance Minister Jim Flaherty has issued a new, voluntary code of conduct for credit and debit card companies. If not widely adopted, the code may become government regulations.
The initiative intends to promote fair business practices by creating transparency for merchants and consumers to clearly understand the costs and benefits of the cards. The fees credit card companies charge merchants can vary widely, and this announcement now comes after years of consumer groups and businesses voicing concerns that the disparity of fees can cause unpredictable harm to the bottom line.
The code will be on a sixty-day consultation period where credit card companies and businesses alike will have the opportunity to provide feedback before the code goes into effect.