Canadian Code Of Conduct Associated With Credit And Debit Card Industry

The Canadian code of conduct had come into effect in 2010. The main objective behind it is to promote the smooth and proper business practices. Moreover, it is designed to ensure that customers as well as merchants clearly understand the benefits and costs of the debit and credit cards.

We all are living in an era where technology is making everything smoother. If we talk about the transaction modes, we used to have hard currency a few years back. People used to carry hard currency while purchasing something from the store. But, now, things have been changed completely. We have got credit cards and debit cards with the help of the technology and therefore, we are now capable of making cashless transactions and online transactions. Moreover, with the help of NFC technology, we can even make contactless transactions. Since the arrival of COVID-19, people are using contactless and online transaction modes to make payments online.
On the other side, small merchants are upgrading their payment terminals so that they can accept credit card payment from the consumers flawlessly. Well, when it comes to online business, there are many things that create confusion. First of all, the business strategies of many payment processors make the online business difficult for many merchants. They offer long term contracts with a flat-rate pricing structure that is really problematic for many businesses.