As part of a renewed commitment to the Government of Canada to lower cost of processing credit transactions, Visa® and Mastercard® have introduced lower small merchant interchange rate programs for domestic consumer credit transactions (the “Program”).
Merchants will be qualified directly by Visa and Mastercard based on annual processing volume thresholds. A merchant that processes both Visa and Mastercard may qualify for reduced rates on one or both card brands. Merchants who meet the criteria will qualify as small merchants and will be eligible to receive the rate(s).
Moneris is passing through the reduced rates to eligible merchants on simplified pricing ("interchange plus" or "cost plus").
Qualifying criteria:
Visa Small Business Interchange rates:
Rate Program |
Classic, Gold, Platinum |
Infinite |
VISA Infinite Privilege |
Card Present |
0.81% |
0.99% |
1.80% |
Card Not Present (Tokenized) |
1.25% |
1.50% |
2.25% |
Card Not Present |
1.30% |
1.55% |
2.30% |
Mastercard Small Business Interchange rates:
Interchange Program Type |
Core |
World |
World Elite |
Muse |
Card Present EMV |
0.72% |
0.95% |
1.22% |
1.29% |
Unsecure Card Present |
0.95% |
1.19% |
1.45% |
1.52% |
Digital Commerce |
1.57% |
1.80% |
2.03% |
2.15% |
Contactless |
0.72% |
0.95% |
1.22% |
1.29% |
3DS |
1.40% |
1.60% |
1.80% |
1.93% |
Card Present Refund |
0.43% |
0.57% |
0.73% |
0.77% |
Card Not Present Refund |
0.96% |
1.10% |
1.24% |
1.33% |
The above Program rates are set out as a pre-determined fee schedule, as referenced in the Code of Conduct. Merchants may be removed from the Program, with or without notice, at any time if they fail to meet the qualification criteria and will be subject to standard interchange rates.
For more information on Visa and Mastercard interchange rates, please visit the links below:
Visa
https://www.visa.ca/en_CA/support/small-business/interchange.html
Mastercard
https://www.mastercard.ca/en-ca/business/overview/interchange/merchant-interchange-rates.html
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