Depending on which merchant services processor you bank with, you are charged up to 3%—or more!—per transaction, when your customers pay with a credit card. On a $50 purchase, this means that they are taking up to $1.50. This may not seem like much, but if you process even $20,000 in credit card sales per year through your point of sale terminal (POS), you are paying $400 to $600.
Interac, on the other hand, only charges a flat fee of around 7 cents per chip-and-pin transaction. Assuming an average transaction of $50 and total yearly sales of $20,000, you would only be paying $28.
Sound better? We thought so too.
To encourage customers to pay by cash or Interac, CFIB members can order free Interac/CFIB co-branded bill-folds, counter-signs or decals (see below) by logging into the member portal and filling out the order form in the My Resources section.