In Canada, the Code of Conduct for the Credit and Debit Card Industry regulates the interactions between credit card networks, banks, and merchants. Introduced in 2010, it aims to create a fairer and more transparent system. The Code has the following objectives:
This depends on the needs of the business; flat rate pricing provides clarity and helps with long-term planning as fees are consistent. With simplified pricing, while your fees for accepting different card types are more dynamic, the overall cost of processing may be a more cost-effective option for your business.
MDR is a fee a merchant is charged for processing credit or debit transactions. MDR can be impacted by several cost components including interchange or Wholesale Discount Rate, Card Brand/Assessment, processing, and settlement fees. MDR can be a percentage of the dollar value of the transaction and/or a transaction fee (flat fee) that is applied to each transaction. It is important for merchants to understand these fees, as this impacts how much they will have to pay for every credit or debit transaction they complete.
To learn more, visit: https://www.moneris.com/en/about-moneris/code-of-conduct/interchanges-faq
The average cost of card acceptance is based on the volume processed in the month, expressed as a percentage.
Moneris communicates pricing changes according to the payments industry Code of Conduct. For every fee change there is a 90-day notice period for merchants. Moneris also communicates fee changes and notices on behalf of the card brands.