Biz group targets Moneris
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Monthly Digital Subscription
$1 per week for 24 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $4.00 plus GST every four weeks. After 24 weeks, price increases to the regular rate of $19.95 plus GST every four weeks. Offer available to new and qualified returning subscribers only. Cancel any time.
Monthly Digital Subscription
$4.99/week*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $19.95 plus GST every four weeks. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
*Your next subscription payment will increase by $1.00 and you will be charged $16.99 plus GST for four weeks. After four weeks, your payment will increase to $23.99 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 22/02/2011 (5521 days ago), so information in it may no longer be current.
OTTAWA — The Canadian Federation of Independent Business hopes Ottawa’s threat of regulation will force debit and credit card payment processor Moneris to give its clients more time to review changes that may increase merchant fees.
The federal Financial Consumer Agency of Canada began investigating after the CFIB alleged Moneris violated a voluntary code of conduct by sending its clients a confusing and unclear letter about how fee changes would apply.
The voluntary code of conduct gives merchants 90 days to cancel their contracts without penalty, but the CFIB said Moneris clients won’t be able to see the effect of the proposed fee changes until April, after the 90-day period is over.
It wants Moneris to allow merchants more time to see the impact of the changes and cancel their contracts without penalty, something the company has refused.
“I suspect that the fear of regulation will help enforce compliance ultimately,” Dan Kelly, senior vice-president of legislative affairs for the CFIB, said Monday.
“I think there will be a very brief investigation. I feel very confident that the FCAC will say that this is not in compliance with the spirit of the code and I believe what will happen then is the Ministry of Finance will call senior officials at Moneris and tell them to get their act together.”
Moneris called Kelly’s comments “inaccurate and misleading.” In a statement Monday, the company said it “has always been committed to providing clear and concise communications to inform our merchants of changes affecting them.”
“As with any communication sent to our merchants, we have extensively trained our service centre staff to ensure all merchants’ questions and concerns are answered effectively and efficiently.”
Moneris also accused the CFIB of a conflict of interest in recommending its members consider making payments through other processors, including Chase Paymentech, with which the CFIB has a partnership arrangement.
“Given that the CFIB has a preferred arrangement with Chase Paymentech, they are conflicted in issuing a communication to their members clearly favouring that company,” Moneris said in its statement.
— The Canadian Press