Industry committee  I can only speak about the agreement we had with our payment processor. As soon as Visa announced the change to the structure fees, it was passed on to us immediately. It wasn't just a change from the single interchange fee to this grid of interchange fees. There was also the introduction this year of an assessment fee and a foreign transaction fee.

Finance committee  I can only speak about the agreement we had with our payment processor. As soon as Visa announced the change to the structure fees, it was passed on to us immediately. It wasn't just a change from the single interchange fee to this grid of interchange fees. There was also the introduction this year of an assessment fee and a foreign transaction fee.

Industry committee  Another interesting thing about the chip card is there's going to be a shift in liability. Whereas the credit card processors and companies used to take on liability for a number of different types of fraudulent transactions, with the introduction of the chip they're now moving that liability back onto the merchant.

Finance committee  Another interesting thing about the chip card is there's going to be a shift in liability. Whereas the credit card processors and companies used to take on liability for a number of different types of fraudulent transactions, with the introduction of the chip they're now moving that liability back onto the merchant.

Industry committee  I just wanted to comment on the idea of competition. Currently, when consumers choose which method of payment to use, they choose the one that gives them the most benefits. So we currently have an Interac system that's very low cost and no frills, and if Visa and MasterCard introduce a system where now suddenly you get aeroplan points and all kinds of goodies every time you use their debit product, it'll be very difficult for an existing low-cost system to compete when the merchants are the ones footing the bills for these bells and whistles.

Industry committee  They did advise the association that they would be changing the tiers. What they didn't advise us was how many cardholders they were moving over to those more expensive cards. So there was some warning given that they were considering a change in structure, but as Madame Brisebois said, initially, when we were reviewing these changes, it didn't seem to be as huge as this.

Finance committee  I just wanted to comment on the idea of competition. Currently, when consumers choose which method of payment to use, they choose the one that gives them the most benefits. So we currently have an Interac system that's very low cost and no frills, and if Visa and MasterCard introduce a system where now suddenly you get aeroplan points and all kinds of goodies every time you use their debit product, it'll be very difficult for an existing low-cost system to compete when the merchants are the ones footing the bills for these bells and whistles.

Finance committee  They did advise the association that they would be changing the tiers. What they didn't advise us was how many cardholders they were moving over to those more expensive cards. So there was some warning given that they were considering a change in structure, but as Madame Brisebois said, initially, when we were reviewing these changes, it didn't seem to be as huge as this.

Industry committee  It especially doesn't make sense in tourism-based industries. Consumers might not necessarily have the cash on hand to afford a full-course meal in a restaurant. They're travelling to Newfoundland on vacation and they only have the credit cards to pay for it. So for some very small operations, this might be viable, but for the vast majority of our members it's absolutely not viable.

Finance committee  It especially doesn't make sense in tourism-based industries. Consumers might not necessarily have the cash on hand to afford a full-course meal in a restaurant. They're travelling to Newfoundland on vacation and they only have the credit cards to pay for it. So for some very small operations, this might be viable, but for the vast majority of our members it's absolutely not viable.

Industry committee  The answer is almost all of the above. Visa and MasterCard set the interchange rate, which ends up basically being the floor rate for the transaction. The banks add a small rate to that and the acquirers add a small rate. At the end of the day, the rate the merchant ends up paying is a trickle-down effect from all of those players.

Finance committee  The answer is almost all of the above. Visa and MasterCard set the interchange rate, which ends up basically being the floor rate for the transaction. The banks add a small rate to that and the acquirers add a small rate. At the end of the day, the rate the merchant ends up paying is a trickle-down effect from all of those players.

Finance committee  The agreement is set. Almost all of the associations around the table have negotiated agreements with acquirers. The problem we're facing right now is that the interchange rate is set by Visa and the issuing banks, and then it's basically forced down the throats of acquirers and passed on to merchants.

Industry committee  The agreement is set. Almost all of the associations around the table have negotiated agreements with acquirers. The problem we're facing right now is that the interchange rate is set by Visa and the issuing banks, and then it's basically forced down the throats of acquirers and passed on to merchants.

Industry committee  We need only look to the U.S. to see how the two card companies suppressed efficient debit card services similar to Interac. Fees have since skyrocketed, and now include both flat fees and ad valorem percentage rates. We ask the committee to consider the following: why should the debit fees bear any relation to the size of transaction at the point of sale?