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Dear Valued Partner,
The following card brand updates will come into effect as specified below. As a result, Moneris will apply the changes to merchant accounts as required. Below is a summary of the updates:
Interac New Tier for Debit Contactless Payment Transactions
Effective November 1, 2022, Interac is introducing a new interchange tier for Debit contactless transactions. All merchants regardless of current tier classification will incur a flat fee of $0.055 for Debit contactless transactions between $100.01 and $250.00. Fees for transactions below $100.01 will remain unchanged.
Mastercard Excessive Authorization Attempts Fee
Effective November 2022, Mastercard will increase the Excessive Authorization Attempts Fee and will reduce the threshold of declined authorization attempts needed to incur this fee.
- Effective November 1, 2022, the threshold of declined attempts will be reduced from 20 to 10.
- Effective November 7, 2022, the Mastercard Excessive Authorization Attempts Fee will be increased from $0.10 USD to $0.50 USD per excessive re-attempt (a difference of $0.40 USD).
In response to the above, Moneris will communicate these updates to our impacted merchants as follows:
August 1, 2022:
- Impacted National accounts will be sent an email
- Impacted Independent Business merchants will receive a Merchant Direct statement message
Where applicable, please ensure impacted merchants are aware of the fee changes. In addition, merchants will be asked to monitor their monthly statements for the updates above. All other terms and conditions of their Moneris Merchant Agreement will continue to apply (including, but not limited to, other fees not specifically described in the communication they receive).
We remain dedicated to providing transparent information on the costs associated with processing payments. Details of the fee update outlined above can be found on Moneris.com/PCNOFeeUpdates.
