What is Interchange Plus?

Here you'll find all the information you need to understand the Interchange Plus pricing model

What is Interchange Plus?

Interchange Plus is a pricing model in which fees are modulated by various elements for each transaction.

 

Interchange Plus is made up of three fee categories:

  1. Interchange fee
  2. Network assessment fees
  3. Desjardins acquirer fee

interchange plus presentation

What is Interchange Plus? [PDF 0,5 MB]

here's an example :

Let’s say you own a convenience store and one of your customers makes a $20 contactless transaction with a Visa Infinite card.

  • Interchange fee

Program = Gas (since we’re talking about an electronic transaction within the Miscellaneous food stores – Specialty, markets, convenience sector).
Card = Visa Infinite
Rate of 1.34% according to the Visa Canada interchange table
1.34% x $20 = $0.268

  • Network fee

Canadian card so only Visa assessment fees apply
Rate of 0.09% according to the network fees table  
0.09% x $20 = $0.018

  • Desjardins acquirer fee

See acquirer fees on your fee schedule.
Example: 1%
1.00% x $20 = $0.20

  • Total fees = $0.268 + $0.018 + $0.20 = $0.486

 

learn more

See the payment networks websites

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. 

 

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. 

 

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.