Finance committee  Thank you, Mr. Chair. I appreciate the opportunity to appear before you today on behalf of TD Merchant Services. Payment systems are obviously a complex topic, but I'm happy to do what I can to help explain the process and explicitly the role that a merchant acquirer plays withi

Industry committee  Thank you, Mr. Chair. I appreciate the opportunity to appear before you today on behalf of TD Merchant Services. Payment systems are obviously a complex topic, but I'm happy to do what I can to help explain the process and explicitly the role that a merchant acquirer plays withi

Finance committee  I would say the same, no, not at all.

Finance committee  In terms of the interchange rates?

Industry committee  In terms of the interchange rates?

Industry committee  I would say the same, no, not at all.

Finance committee  As I said, when the interchange changed from two rates to 21 on the Visa side, we had to look at our pricing. Some merchants did see increases, but others saw decreases as well, depending on which industry they were in, the types of cards they process, and how they process those

Finance committee  More from a transaction size, so those industries that had a higher transaction size benefited and those that had a low transaction size, like quick-service restaurants and those sorts of things, saw the biggest price increases.

Finance committee  We certainly talked to both card brands, and like Moneris, Visa had incented us to develop that capability. However, they've now also mandated acquirers as part of their operating regulations. We're subject to considerable fines if we actually don't support the Visa debit product

Finance committee  In our case, we will advise our customers. We believe in transparency, as I said in my opening statement, so we'll give customers the choice. They will know that they've signed up for Visa debit and what the costs associated with that are.

Industry committee  More from a transaction size, so those industries that had a higher transaction size benefited and those that had a low transaction size, like quick-service restaurants and those sorts of things, saw the biggest price increases.

Industry committee  We certainly talked to both card brands, and like Moneris, Visa had incented us to develop that capability. However, they've now also mandated acquirers as part of their operating regulations. We're subject to considerable fines if we actually don't support the Visa debit product

Industry committee  In our case, we will advise our customers. We believe in transparency, as I said in my opening statement, so we'll give customers the choice. They will know that they've signed up for Visa debit and what the costs associated with that are.

Industry committee  As I said, when the interchange changed from two rates to 21 on the Visa side, we had to look at our pricing. Some merchants did see increases, but others saw decreases as well, depending on which industry they were in, the types of cards they process, and how they process those

Finance committee  No. We are charged fees by Visa or by Interac for processing transactions on their behalf.