Fee disclosure box
In order to establish a cohesive and standard approach in regards to the presentation of transactional fees, starting March 13 2017, a fee disclosure box will be required at the beginning of each merchant acquirer agreement followed by the information summary box.
The Code of conduct requires that all acquirers use the same labels, determined by the Financial Consumer Agency of Canada, as well as the follow table to present transactional fees in a clear, simple and non-misleading manner. The rates and fees presented in this table is the sum of all transactional fees according to card type and processing method.
01 Fee disclosure box template
This box will allow merchant to see the total of the fees (% and $), including any kind of surcharge that some acquirers charge, according to the card type and processing method.
02 For Monetico merchants
This box is available starting December 2016 and represents the sum of the fees which are already clearly presented in the Payment Network section of the fee schedule.
Abbreviated labels are used in the Payment Network section of the fee schedule and these labels are also used in the account statement in order to facilitate the comparison of the two documents.