Public wants more controls on credit cards: poll
Most Quebecers, like most Canadians, support tighter controls on the credit card industry, according to a survey released Friday by the Canadian Federation of Independent Business.
In Quebec, 48 per cent of respondents strongly supported more rules, while 34 per cent were somewhat supportive, nine per cent somewhat opposed and six per cent strongly oppose the idea.
Across Canada, 51 per cent of respondents said they strongly support tighter rules on how credit card companies treat card-holders and merchants. Another 31 per cent are somewhat supportive while six per cent are strongly opposed and eight per cent somewhat opposed to the idea.
The federation, which has been waging its own battle against Visa and MasterCard over fees charged to merchants, said the survey showed “small business owners are very much in step with the general public in wanting greater oversight on this industry.”
The telephone poll of 1,524 credit card holders across Canada was conducted by Environics Research between March 5 and 8. The results are considered accurate to within plus or minus 2.5 per cent, 19 times out of 20.
Montreal Gazette
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It is good to always look at both sides before we get up to preach. Here's MasterCard's site to explain some myths about fees: http://www.interchangetruth.com/index-en.html
Merchants/ Business Owners forget what credit card acceptance does for their business, and some mistakenly believe that just because a half dozen companies are approaching them about the same services that it's the same as buying an ipod from an electronic store.
* payment guarantee for authorized transactions
* increased sales
* customer satisfaction
* increased safety and reduced pilfering
* ability to serve international customers
* infrastructure, security and innovation investment
* the ability to process e-commerce, phone and catalogue sales
Once you bring the government into the matter, it'll be bad for the end user the Consumer. If you regulate certain fees, then new ones will pop up to compensate for the lost income. Or more companies will go out of business and will not be able to compete against the big boys- less choice for business owners. If the margins are not there to cover costs and profit, then they'll be less innovation. Every applauds Australia's regulating of interchange. Take a close look at how they have 'benefited', and you'll see a different picture.