CIPMA Applauds Senate Banking Committee Report Concerning Credit And Debit Payments In Canada

June 30, 2009

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

Jane Savage, P. Eng, MBA
President and Chief Executive Officer
Canadian Independent Petroleum Marketers Association (CIPMA)
2255B Queen St. E, Suite 374
Toronto, ON M4E 1G3

Tel: 416-691-9292
Fax: 416-691-0847
Cell: 416-509-8240
e-mail: jsavage@cipma.org
website: www.cipma.org

Industry-leading networking events

Each year, we offer the entire fuel marketing industry two opportunities to find out what’s new, what’s coming, what CIPMA is doing about it, and how best to prepare for regulatory changes.

CIPMA is the proud host of the Canadian Fuel Marketing Conference. The next conference will be in Toronto April 10-12, 2017. The CIPMA Golf Challenge is held in September. Both are all-industry events open to members and non-members alike and offer marketers, suppliers and other stakeholders the chance to network.

The President and the Board of Directors hold an annual Eastern and Western Member’s education and networking reception and dinner. Invitations are sent to CIPMA members and industry friends alike for a smaller scale networking event with more focus on the region.