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Changing Merchant Rates Effective April 1, 2008 VISA and MasterCard Implementing Changes to Fee Structures VISA is fundamentally changing the Canadian interchange structure and will be introducing new pricing effective today, April 1st, 2008. MasterCard is also increasing assessments and adding new fees, also effective April 1st, 2008. These changes will impact all credit card processors and all merchants in Canada. You will most likely see rate change (either a slight increase or decrease) on your April merchant statement; these will vary depending on which credit card processor you use (for example Global Payments, Paymentech, TD/FirstData, or Moneris). These increases are due to VISA charging higher percentages for non-qualifying transactions such as corporate credit cards or transactions that are manually keyed in. MasterCard has increased its assessment fee and has also added a fee for cross-border transactions and foreign cards. Extra fees may also be charged to any merchant that does not have a CHIP/EMV ready terminal. If you do not have a terminal that is CHIP/EMV capable, contract your credit card processor to have your terminal upgraded. This process should happen within 90 days. Retail BC has been working with our credit card processor partners over the last few months to negotiate the best rates possible for our members and to ensure that the impact of these changes is minimized as much as possible. Please contact our office at 1-800-663-5135 if you have any questions, or contact your credit card processor for specific details and to find out exactly how these changes will impact you. Retail BC
NOTE: If you are a member of the Trail & District Chamber of Commerce or anyother Chamber of Commerce in the province of BC, your rates will not be changing. This was confirmed by Sanata Martin at TD Merchant Services. Related items
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