Visa and MasterCard have made a commitment to reduce the interchange rates in April. Changes to the interchange rates will primarily effect merchants processing domestic Canadian payments with consumer and premium credit cards.
I’m a Canadian Beanstream merchant, will I see my rate decrease?
Yes you will!
We are always looking for ways to help our merchants increase their sales and decrease costs, which is why we are thrilled to pass along the savings from Visa and MasterCard’s decision to lower interchange fees.
Beanstream merchants will greatly benefit through a discount rate decrease of 0.10%. These changes will be reflected on your April billing statement.
I’m not a Beanstream merchant, but I want these great rates!
We were hoping you would ask!
We want you to receive this discounted interchange rates too! We also like to give you access to our industry leading payment processing solution, top-notch customer support and access first class fraud prevention tools and PCI level 1 certified compliance!
Check out our pricing page for a complete listing of our pricing and features. If you would like to receive a tailored account with flexible pricing and products based on the large volume of transactions you process, give us a call at 1-888-472-2072.
What is interchange?
Interchange is the rate charged to acquiring banks by the issuing banks for accepting credit and debit card payments. The rate varies by industry, type of credit or debit card and whether the transaction is domestic or foreign. In addition to interchange, Visa and MasterCard charge ‘assessments’ which represent their fees for marketing and managing the payment infrastructure. Assessments range from approximately 0.10% to 0.80% and depend on payment type, currency and whether the transaction is domestic or foreign.
What is a discount rate?
The discount rate is the rate that we charge our merchants for accepting credit and debit card payments and is a percentage of the value of a sale. It combines interchange, assessments, the acquiring fees, processing fees and our own margin. We charge what is a called a blended rate which means that you pay the same price for every transaction as opposed a price that varies by card type and location. A blended discount rate provides certainty of cost and is simpler to understand.