Finance committee  It includes all the fees we would charge to the merchant.

Finance committee  Yes, so in the example we have summary of fees. You see an IDP, or Interac direct payment transaction fee. The example, at 8¢ a transaction times 224, is roughly $18.

Finance committee  All these fees come to us. We collect all these fees.

Finance committee  Yes, so again, it's an example. It might range anywhere from $20 to $35 a month for the rental of the device. Again, as I said, it depends--

Finance committee  Most customers like the opportunity to rent from us because we have what we call a four-hour service promise, so we promise, at least 90% of the time, that if you call us and your terminal breaks down, we'll be on-site with a service technician. We have 250 service technicians across the country.

Finance committee  In our case, it is the straight pass-through of the Visa assessment fee. Visa charges us six basis points plus GST, and that's what the 6.3 basis points reflect.

Finance committee  There are different types of transactions. I mentioned the way the merchant processes those transactions. An electronic transaction is either one that is swiped--so the card is there--or one that is a chip transaction, where the chip is inserted into the terminal. For those, we know the card is there, so they're less likely to be turned down.

Industry committee  We process those transactions. Everything is processed in Canada. We don't send information outside Canada. However, we do send information to Visa, and Visa is a global company. In a technical session, we transmit information to Visa on our premises. We give it to a Visa server, and then they take it over their global network.

Industry committee  Credit cards are processed globally today. I can't be certain, no.

Finance committee  We process those transactions. Everything is processed in Canada. We don't send information outside Canada. However, we do send information to Visa, and Visa is a global company. In a technical session, we transmit information to Visa on our premises. We give it to a Visa server, and then they take it over their global network.

Finance committee  Credit cards are processed globally today. I can't be certain, no.

Industry committee  No. That is what we have called the merchant discount rate. We are only a Visa acquirer, so we process the transactions for MasterCard but we don't bill for the MasterCard transactions. It's complicated, unlike Moneris who--

Industry committee  That's a great point, and several of our customers pointed that out to us as well. Essentially, that was a miss on our part.

Industry committee  As I said, we pride ourselves on transparency. When we look at what some of our competitors have done, we think we still are very transparent with that. We've clearly articulated...in this example it was 50 basis points extra, you're right. We've learned, as we've gone through some of this, that some customers don't understand what basis points mean.

Industry committee  Yes, and in this particular example it was a 50 basis point charge. To answer your question directly, yes, some merchants pay more than the 20 basis point cost.