Card Brand Network Fee Updates

Last updates

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.