The Canadian Restaurant and Foodservices Association (CRFA) has welcomed a new Financial Consumer Agency of Canada (FCAC) report, which indicates credit card companies are not adhering to their official code of conduct.
CRFA and its members have been complaining about a lack of transparency and inappropriate business practices by Canada’s credit card companies in recent years. Restaurant operators say they are frustrated by:
● different rates and fees from those they signed for;
● changing contract terms without notice; and
● numerous service provider agreements in one contract.
“These companies have been getting away with blatantly unfair actions that completely ignore the terms of the code agreed upon,” says Garth Whyte, president and CEO of CRFA. “It’s a shell game that confuses our members and costs them a lot of money.”
Whyte congratulates Ursula Menke, FCAC commissioner, and her team for following up on industry objections. CRFA is now asking the government to take further measures to restrict high fees, unscrupulous sales and business practices by credit card networks.