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Industry committee Thank you, Mr. Chairman. Good afternoon, everyone. This is a very important opportunity for MasterCard, so we thank the joint committee for inviting us. We thank you for the opportunity to be heard before this committee. Through our discussions on this topic, we have realized
May 14th, 2009Committee meeting
Kevin Stanton
Finance committee Thank you, Mr. Chairman. Good afternoon, everyone. This is a very important opportunity for MasterCard, so we thank the joint committee for inviting us. We thank you for the opportunity to be heard before this committee. Through our discussions on this topic, we have realized
May 14th, 2009Committee meeting
Kevin Stanton
Industry committee As a matter of fact, we do make our rates public. We were the first to do so in Canada. What we've recently done is update the system so that a merchant can go in—there are 19 rates, but no merchant will have more than three applied to them. So when the merchant goes into this sy
May 14th, 2009Committee meeting
Kevin Stanton
Industry committee Certainly.
May 14th, 2009Committee meeting
Kevin Stanton
Industry committee We're happy to submit them to the committee.
May 14th, 2009Committee meeting
Kevin Stanton
Industry committee No, I don't, Mr. McCallum. Maestro has a fee of half a cent to merchants. No other fees are associated on that side of the equation. Interac has a fee of 0.8¢.
May 14th, 2009Committee meeting
Kevin Stanton
Industry committee There is no interchange on Maestro.
May 14th, 2009Committee meeting
Kevin Stanton
Finance committee As a matter of fact, we do make our rates public. We were the first to do so in Canada. What we've recently done is update the system so that a merchant can go in—there are 19 rates, but no merchant will have more than three applied to them. So when the merchant goes into this sy
May 14th, 2009Committee meeting
Kevin Stanton
Finance committee Certainly.
May 14th, 2009Committee meeting
Kevin Stanton
Finance committee We're happy to submit them to the committee.
May 14th, 2009Committee meeting
Kevin Stanton
Finance committee No, I don't, Mr. McCallum. Maestro has a fee of half a cent to merchants. No other fees are associated on that side of the equation. Interac has a fee of 0.8¢.
May 14th, 2009Committee meeting
Kevin Stanton
Finance committee There is no interchange on Maestro.
May 14th, 2009Committee meeting
Kevin Stanton
Industry committee I have a couple of responses. First of all, it's important to note that our fees went down as well as up. That also helps bring prices down, as would any reduction in operating costs. But it isn't usual in any environment for operating costs to be spread across an entire custome
May 14th, 2009Committee meeting
Kevin Stanton
Industry committee I don't question the hypothesis at all. I just say that there's opportunity within the adjustments that occur to bring prices down and for prices to go up, all within the same merchant.
May 14th, 2009Committee meeting
Kevin Stanton
Industry committee Actually, thank you for adding that question, because I should have added it to the beginning of my answer. That is, we have always allowed cash discounts, and for merchants to advertise and promote those cash discounts. Or they can steer to lower-cost products to recoup the cost
May 14th, 2009Committee meeting
Kevin Stanton