Card Brand Network Fee Updates
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October 2024 - Changes to Visa and Mastercard Interchange Programs
Effective October 19th 2024, Visa and Mastercard Small Merchant Interchange Rate Programs for domestic consumer credit transactions will go into effect. Merchants will be qualified directly by Visa and Mastercard on eligibility for the new rates based on the following criteria:
Merchants processing up to $175,000 in annual Mastercard credit-only volume.
Merchants processing up to $300,000 in annual Visa credit, debit, and prepaid volume.
A merchant that processes both Visa and Mastercard may qualify for reduced rates on one or both card brands. The Initial qualification period for Visa and Mastercard will be Apr 1, 2023, to Mar 31, 2024, and the subsequent qualification periods will be October 1 to September 30 each year.
For the rates, see the tabs below
For more details and exceptions visit Visa.ca and Mastercard.ca
Visa Small Business Interchange Program 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 Program 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% |
November 2024: Interac Debit Switch Fee Change
November 1, 2024 - Notice of Interac Debit Switch Fee Change Effective November 1, 2024, the Interac Debit Switch Fee will be increased from $0.018380 to $0.019851.
April 2024: Interac Debit Switch Fee Reduction
Effective April 1st 2024 the Interac Switch Fee for all Interac Debit card present transactions will be lowered from $0.01985 to $0.01838.
The new rate will appear on the April merchant statements.
April 2024: New Visa CVV2 - Fee
Effective April 1, 2024, Visa will begin charging a Card Verification Value 2 (CVV2) fee of 0.0028 USD for every CVV2 result that receives an M (Match) or N (No Match). Positive matches may result in a higher approval rate, reduced chances of fraud, as well as fewer disputes.
The CVV2 fee will not apply to the following conditions:
· Verification results not received by the bank due to an error
· Returned values that are not M or N
· Successful 3DS verifications
· Zero-amount account verification messages
January 2024: New Interac Surcharge Cap Maximum
Important Notice: New Interac Surcharge Cap Maximum Effective January 26th, 2024
Effective January 26, 2024, Interac is introducing a surcharge cap maximum of$0.25 per transaction on point-of-sale transactions and is prohibiting the capability to impose a surcharge on remote transactions using the Interac Mobile Debit (In-App/In-Browser). Interac Debit surcharge continues to be unavailable in Quebec.
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