Visa and Mastercard rate reductions scheduled for April 18th and May 1st respectively, are delayed due to COVID-19. The new implementation dates will be July 17th for Visa and August 1st for Mastercard. The new Interac rate came into effect April 1st.
When fully implemented, here’s what our new, member-exclusive rates with Chase will look like.
|Current Rate||NEW RATE||Relative Change||Effective Date|
|Mastercard Consumer Electronic||1.2696%||0.9296%||-27%||August 1|
|Visa Consumer Electronic||1.4296%||1.2596%||-12%||July 17|
|Interac per Transaction Fee
(includes 0.85¢ switch fee)
Detailed Rate Chart
MERCHANT DISCOUNT RATES
|Industry specific Rates for CAD $ Accounts||Consumer Electronic
(for most CAD $ Accounts)
|(Visa*) Everyday Needs
(Mastercard) Everyday Spend
|US $ Account4||1.7796%||1.7796%||N/A|
|Kilobyte Fee per Settled Transaction in USA||N/A||$0.0089
|Cross Border Fee||0.6000% (August 1)|
Additional Fees for
|Acquirer License Fee||N/A||0.007%||N/A|
|Non-Qualified Transaction Processing Fee||0.25%|
|Interchange Different/Wholesale Discount Differential||Passed through at cost,
as set by Visa, Mastercard and American Express
|Per Transaction Fee||$0.0215||Monthly Admin. Fee||$3.95|
Added fee for contactless payment
As set by Interac®
Chase has proven themselves as a long-term, trusted partner with CFIB, and our members not only enjoy great rates, but also:
- No hidden fees
- No cancellation fees
- 24/7 bilingual customer support
When comparing CFIB’s member-exclusive rates above with other payment processors, make sure you’re comparing apples to apples since other payment processors may add on other, sometimes hidden fees.
Finally, be careful of terminal leasing agreements. Chase rents its terminals on a monthly basis, so there are no long-term leasing contracts or penalties to upgrade or cancel your terminal rental. Many other processors will try to entangle you with long-term leasing contracts.