One of the most important provisions of the Code of Conduct for the Credit and Debit Card Industry was a provision to allow firms to exit their electronic payment processing contracts with ACQUIRERS or RESELLERS without penalty within 90 days of an unscheduled rate change or the introduction of a new fee. Though the Code contains many more measures to protect your business you must still remain vigilant. Here are a few situations you should be aware of:
- Processors falsely claiming to be affiliated to CFIB
- Separate contracts for leasing equipment with abusive exit penalties
- Being falsely told there is no exit penalty because of the code
- Unknowingly signing with a reseller
- Low advertised rates with exorbitant added fees
Before making any changes or switching providers you should read the attached alert and business tips.
For more information contact one of our Business Counsellors at 1-888-234-2232 and read CBC's article Businesses hit by hidden fees from credit card machines.
More business tips:
- How to deal with high-pressure debit/credit processing offers
- Credit card contracts - important Information
- Does the card in your wallet cost small business a fortune?
- New Rules in Effect as of Nov12/13: Know your Rights!
- Reduce your costs: encourage your customers to pay with cash, cheque or Interac
- Credit card processor complaints? Take steps to alleviate your suffering