Anyone else here that Monaris is raising their Visa/Mastercard merchant credit card transaction fee % by 1 percent?

Was told this yesterday by Monaris representative when we were switching some accounts around. Has taken 5 years to get down to a decent rate now they're raising everyone across Canada by 1 full percentage point

a bit disappointed.

Shit! I will have to check that out.. Thanks for the heads up.

will check it out when i get to the shop this morning.

Here's what they are saying. As you will read nothing concrete as to why they are raising their rates immediately when other providers aren't.


Hi Brent,

I know you wanted a more detailed explanation on the pricing that we
have set on this account, so I will state that VISA and MC have started
charging us higher rates than they have before on any keyed in
transactions that do not have electronic imprints, and on Corporate Card
transactions. We at Moneris have implemented these changes right away as
soon as the pricing was changed for us. Some other providers are
absorbing some of the costs for a short while and are planning on
increasing fees very soon (one of them is planning to do this in June).
So that is all I can say about these increased fees.

The only thing I can do is have a review sent off to our management to
see if we are able to possibly lower the rate of the non-qualifying
fees.
I can do that for you, but as it will take a few business days to get a
response back, I would suggest that we still go ahead with the
application and we can still have the rates changed after your new
account is set up if it has been approved from the review. Please let me
know if you want me to send the review to our management.


Please let me know if you have any questions.
Please fax it to me, or let me know if you still have any additional
questions.

Thank you!

Update



Heard from Global Payments on Friday that this 1% increase was set for when merchants accepted corporate cards ie- CTC Mastercard, GOV'T cards etc , however all these services are trying to jam these fee on all merchants for all cards across the board

Anyone pick up yet that their terminal % rates have increased?

There are options out there - shop around.

heard that one before

translation - 1st Divorce

DOH!

The're changing their rates to floating rates based on sales volume. Basically if you have a high volume number of transactions you'll be paying more then say a funiture store that might only have a few per day. Anyways thats my understanding.

Moneris sent out their new POS teminal that accepts the chipped cards. My rate is fixed through a program with CarQuest. The rates where included in the propiganda, and they have not changed in 8 years. That being said, as soon as I have the place paid off it will be cash only...........I'm sick of all the bullshit bank fees!!!!!!!