CIPMA congratulates the Senate Committee on Banking, Trade and Commerce (chaired by The Honourable Micheal A. Meighen) for their non- partisan, unanimous report regarding Canada's Credit Card and Debit systems. Backed by extensive research, the Committee has articulated the need for government action to ensure small and medium sized enterprises are not further gouged by skyrocketing credit card fees. Small and medium sized businesses in Canada should drive our economic recovery, but this is threatened by the ever-increasing costs of credit and debit transactions. Card fees now account for over half of a fuel retailers gros margin, and this is rising as percentage card fees and fuel prices rise. CIPMA calls on the government to take firm action to restructure the payments industry to ensure merchants pay only their fair share of the cost of debit and credit. The complete Senate Committee report can be found here:

http://www.parl.gc.ca/common/Committee_SenRep.asp?Language=E&Parl=40&Ses=2&comm_id=3