What are Interchange Rates?
Interchange fees are transaction-related costs that Processa pays to the issuing bank (the customers bank). These fees are set by MasterCard and Visa and are based upon how a transaction takes place (keyed or swiped) and in what type of industry. Every processor in Canada is subject to the same fees. Size does not matter.
What is "Qualified Pricing" or "Differential Pricing"?
This is the pricing model that almost all of Canada’s major processors quote in. This model allows processors to charge (and up-charge) multiple fees, which can also lead to “double dipping” on certain rate structures. As a general rule, we do not promote this pricing model. Call Processa or talk to your representative about how our model can really save you money.
I was told that I have to use my banks merchant services provider. Would leaving damage my commercial banking relationship?
It is important to understand that the merchant service provider or the credit card processor, that your bank recommended IS NOT the same entity as your commercial bank. They may be owned by your bank but are typically run independently.
Bank-owned or recommended processors typically have higher fees, long wait times for customer service and won’t provide you with the same level of attention and consideration as Processa. We value your business!
Should I rent, lease or purchase my terminal?
As a general rule, we believe that merchants should rent their terminals. This option provides you with the most flexibility, keeps you from being locked into a long-term contract and allows us to provide you with the most up-to-date equipment with no upgrade fees.
We do have purchase options, if you wish to own your device. Call us to discuss these options and let us help you decide which option is best for you.