The economic statement said the government is publishing draft legislative amendments to the Payment Card Networks Act, and if the industry can’t come to an agreed solution in the months to come, Ottawa will introduce the legislation in the new year to regulate credit card transaction fees instead.Article content
Sands has been advocating for action on credit card fees for years, and said the gap between what smaller retailers pay and what large companies pay is “indefensible.” The draft legislation published Thursday would add provisions including that the government can make regulations to determine ranges and maximums for fees.
In a written statement Thursday, the Canadian Federation of Independent Business said the government’s fiscal update included a stronger commitment to reduce credit card processing fees for small businesses. The rules don’t reduce the fees charged to businesses, many of which have already baked the fees into their retail prices.