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The Department of Finance Canada introduced new agreements with Visa and Mastercard to lower Interchange costs as part of a commitment to lower credit card transactions fees for small businesses.
Whether you are a small business that is new to Elavon or one of the many small businesses that are currently processing payments with us, we are passing these savings on to you!
What does this mean for me?
Regardless of the quantity or value of transactions your business processes each month, when you choose Elavon for your business’s payment processing needs, you will always receive our best in class rates. And as a Costco member, you receive even more exclusive, competitive rates.
Below are our rates for retail transactions and how they measure up against some of our competition.1
Small Businesses with annual Visa sales volume below $300,000 or annual Mastercard sales volume below $175,000.
Small Business Qualified
PCI DSS compliance validation
Small Business Commercial
Small Business Super Premium
Businesses with annual Visa sales volume greater than $300,000 and/or annual Mastercard sales volume greater than $175,000
What is Interchange?
When a customer uses a credit or debit card to make a purchase, your business is charged a transaction fee, collected for your customer's card issuer. A portion of this transaction fee - often a percentage of the transaction amount, plus a fixed fee - is the interchange fee. Interchange rates and fees for acceptance are set by the Card Brand Networks - Visa, Mastercard, Discover, and American Express – and they are updated annually in April and October.
We offer exceptionally low payment processing rates and your Costco membership opens you up to more exclusive rates.
Contact us today to learn how you can take advantage of these great payment processing rates.
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