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Home services & Solutions payment-and-card The New Payment & Card Code Will Shape Up Merchant Practices in Canada
Payment And Card
CIO Bulletin
2025-01-10
The new Payment & Card Code adds more transparency for merchants, increases compliance obligations, as well as clearer fee disclosure, complaint procedures, and certainty of cost by 2025 for Canada.
From April 30, 2025, the following Code of Conduct for the Credit and Debit Card Industry will be replaced by the new Payment and Card Code, announced on October 30, 2024. The purpose of this Code is to bring more transparency to merchants regarding card payments; this ensures to create clearer agreements and clearer fee disclosures.
Additionally, it establishes improved complaints management procedures. Acquirers and downstream participants must clearly present transaction fees and discount rates, notifying merchants of fee changes 30-60 days in advance.
Another new point is the Core Fee of the PCNO, who’s structural and non-structural changes should be notified in advance. By the year 2025, merchants will know more about their payment costs and have the right to cancel any agreements within 70 days of fee changes.
The businesses that proffer payment processing services will find the Code relevant for their review and compliance.
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