Most business owners that accept credit cards know the cost to process them varies depending upon the card and how they are accepted. All credit card payments that are accepted using the card, swiping or inserted using the chip have the lowest fees to the processor. Any cards that are entered manually either on a terminal or on the internet attract higher fees. Most processors base fees on their costs although some will charge a higher fee for swiped cards or foreign cards which is not justified. Below are the interchange rates for each type of card for most businesses (there are exceptions for certain classifications of businesses, charities, gas stations and large volume companies.)
- Visa Classic, Gold, Platinum, Prepaid: 1.42% card present 1.52% card not present. U.S. cards 1.10% for card present, 1.60% card not present
- Visa Infinite: 1.61% card present, 1.71% card not present. U.S. cards 1.80% for both.
- Visa Purchasing, Business & Commercial: 1.90% card present, 2.00% card not present. U.S. cards 2.00% for both
- Visa Infinite Privilege: 2.10% for card present, 2.45% card not present. U.S. 1.97% for both.
Add network fees of .08% to every transactions .40% to foreign cards in Canadian funds and .80% in any other currency.
- MasterCard Core: 1.44% card present, 1.58% card not present. U.S 1.10% card present, 1.60% card not present
- MasterCard World: 1.71% card present, 2.29% card not present. U.S. 1.85% for both
- MasterCard Business: 2.00% for both. U.S. 1.85% card present 2.00% card not present
- MasterCard World Elite: 2.06% card present, 2.79% card not present. No comparable U.S. card
Add network fees of .077% for all transactions plus .40% for cross border transactions in Canadian funds and .80% for those in other currencies.