Interchange FAQ
Q: What is MDR?
A: MDR (Merchant Discount Rate) is the amount a merchant is charged for processing transactions. MDR is impacted by several cost components including Interchange or Wholesale Discount, assessments, processing, settlement and reporting fees.
Q: What is Interchange Rate?
A: Interchange is the amount that card processors – in this case, Moneris Solutions – are required to pay credit card issuers/financial institution for each credit card transaction. Interchange rates are set and regulated by the card brands (i.e. Visa and MasterCard).
Q: What is Wholesale Discount Rate?
A: Wholesale Discount Rate is the amount that card processors – in this case, Moneris Solutions – are required to pay a credit card issuers/financial institution for each credit card transaction. Wholesale Discount Rates are set by American Express.
Q: Where can I find information on the Interchange fees and levels?
A: Merchants are encouraged to visit the card brand sites for more information on Interchange fees.
Q: When my rate changes, do I enter a new contract term with you?
A: No, the terms and conditions of your merchant agreement remain in effect. Your contract term does not change in any way as a result of this adjustment.
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