FAQ

Why are my rates changing?

In August 2018, the federal government announced new agreements with the Visa, Mastercard and Amex networks to lower credit card costs. The agreements—which will take effect on May 1, 2020—aim to make credit card acceptance fairer across the board and will reduce the average interchange fee in Canada from 1.5% to 1.4%.  Since changes to interchange fees affect merchant rates, we needed to revise Monetico’s current pricing model. And with changes to network fees becoming more frequent and more complex, we also needed to make our pricing model more flexible. 

 

What is Interchange Plus?

Interchange Plus is a pricing model that takes different factors into account to determine your rate per transaction. Click here to learn more. 

What are interchange fees?

For every transaction you run, the acquirer—in your case, Desjardins—has to pay interchange fees to the cardholder’s financial institution. These fees are set by the payment network and are the same for all Canadian merchants. Click here for a list of interchange fees currently in effect per program. 

What are network assessment fees?

For every transaction you run, the acquirer—in your case, Desjardins—has to pay network assessment fees to the cardholder’s payment network. These fees are set by the payment network and are the same for all Canadian merchants. Click here for a list of network assessment fees currently in effect.

How will I know if interchange fees or network assessment fees have changed?

Any time a payment network announces they’ll be making changes, we’ll update the list of interchange and/or network assessment fees in the Help Centre at least 90 days before the new fees go into effect. As per the code of conduct, we’ll also let you know about the changes through your merchant statement. Your rates won’t change until the date they’re scheduled to. 

Can I get my monthly account statement online?

Statements are available on the Monetico portal the first of the month following registration for online statements of account. Access to the Monetico portal is free. You can also use it to manage card payment processing information (transaction reports and online statements of account). Important: If you are a franchisee or belong to a retail group, your head office may be able to give you access to the portal. Check with them first before contacting us.

Can I get my monthly account statement online?

Statements are available on the Monetico portal the first of the month following registration for online statements of account. Access to the Monetico portal is free. You can also use it to manage card payment processing information (transaction reports and online statements of account). Important: If you are a franchisee or belong to a retail group, your head office may be able to give you access to the portal. Check with them first before contacting us.

Will this cost me more?

These changes are the result of a general decline in market fees. Many merchants will end up saving money. However, since each merchant’s situation is unique, make sure to consult your fee schedule and account statements to know how the changes will affect you specifically. Keep in mind that monthly rental charges, administrative fees and Desjardins Member Advantage rates remain unchanged. 

 

Can you reduce my interchange fees?

No. Interchange fees are set and regulated by payment networks. Desjardins passes them along to you at cost, with no markup.