Merchants have rights with credit and debit payments
(NC) When processing debit and credit card payments, merchants have options and they also have rights.
If you are a merchant, it's worth knowing the terms of your agreements for payment processing services. The Code of Conduct for the Credit and Debit Card Industry in Canada requires that merchants receive a minimum of 90 days' notice of any new fees or fee increases related to credit or debit card transactions, and this 90-day period begins when the merchant has been provided with sufficient information about the change to allow the merchant to reasonably assess the cost implications for them. Merchants are allowed to cancel their contracts without penalty within 90 days of receiving notice of a new fee or a fee increase that was not provided for in the agreement.
In addition, when a service provider is offering a package that includes contracts with more than one party, it must give the merchant a consolidated summary of key information about each contract before they enter into an agreement.
Find out more about the Code from the Financial Consumer Agency of Canada on its website, itpaystoknow.gc.ca. Look for information about the credit and debit card industry, a merchant's rights when dealing with that industry, as well as tips for choosing a payment service provider.
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