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Canadian Merchant Account Rates
It can be difficult to decipher what is considered a good Canadian merchant account rates because there is usually so much poor information on the internet about Canadian Payment Processing. The second biggest problem is that most merchant account providers quote a “qualified” rate and seem to avoid speaking about ‘mid-qualified’ and ‘non-qualified’ rates. If you’ve been asking "what's your rate?" then you are likely not the only confused merchant out there. First recognize that as a merchant, you will accept a diverse mix of credit and debit cards for payment and failing to find out how specific card types and types of transactions like, keyed in transactions, international cards, debit cards, pin based cards, rewards cards, and business/corporate cards and others can cost you dearly. Every type of transaction and card type will be billed appropriately that does not fall under the ‘qualified’ rates which leads to higher bottom line costs. Here are a couple of resources that will help you understand: ‘Qualified’ Transactions, ‘Mid Qualified’ Transactions, and ‘Non Qualified’ Transactions: The Great Interchange Debate Wikipedia Merchant Account Rates Learning about Interchange will give you the knowledge you need to negotiate your best merchant rates. One of the most important steps is to identify the rates for your industry by charge type, transaction size. Certain industries qualify for reduced incentive Interchange pricing levels. If you are retailer or restaurateur then most likely you will have a lot of face-to-face transaction, therefore you will be trying to negotiate the lowest possible ‘Qualified rate’ as opposed to if you were a Web Designer and you processed your credit cards over the phone (MO/TO) and dealt with mostly only businesses then you would be looking to negotiate a low Mid-Qualified rate because all your transactions would fall under the Mid-Qualified umbrella. Now if your business was a retail location, but in a location like Niagara Falls Canada and you had a lot of US based tourism then you would want to make sure you negotiate a good rate for Non-Qualified rates because you would be dealing with lots of international cards which fall under the Non-Qualified rates. Understanding how your business will process cards and what type of cards is essential to knowing if you are being quoted good merchant account rates. Some other merchant account rate tips: - Get merchant account rate quotes for MasterCard and Visa separately and inquire if any incentive rates are available.
- Get all merchant rate quotes in the same format
- Use a good merchant account calculator
- Read the fine print yourself, don't rely on your sales person's assurances.
- A typical internet search will produce millions of results. Add the keyword "Interchange Canada" to your "merchant account canada" searches
- I self promotion plug is another article I wrote that you may also find useful titled: 17 Essential Questions Every Canadian Business Owner Must Ask Before Choosing a Merchant Account Provider |
visa, mastercard, interac
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