Industry 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.
May 26th, 2009Committee meeting
Jeff van Duynhoven
Industry 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
May 26th, 2009Committee meeting
Jeff van Duynhoven
Industry committee The interchange rate is not listed on there, but as we said earlier, it is the largest component of the fees that make up the Visa delivery rate.
May 26th, 2009Committee meeting
Jeff van Duynhoven
Industry committee There is no other fee. If you've taken the $824, that is the total amount we have charged that particular merchant.
May 26th, 2009Committee meeting
Jeff van Duynhoven
Industry committee It includes all the fees we would charge to the merchant.
May 26th, 2009Committee meeting
Jeff van Duynhoven
Industry committee Yes, so in the example we have summary of fees. You see an IDP, or Interac direct payment transaction fee. The example, at 8ยข a transaction times 224, is roughly $18.
May 26th, 2009Committee meeting
Jeff van Duynhoven
Industry committee If you were trying to work it out to an average discount rate, then yes.
May 26th, 2009Committee meeting
Jeff van Duynhoven
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,
May 26th, 2009Committee meeting
Jeff van Duynhoven
Finance committee Credit cards are processed globally today. I can't be certain, no.
May 26th, 2009Committee meeting
Jeff van Duynhoven
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,
May 26th, 2009Committee meeting
Jeff van Duynhoven
Industry committee Credit cards are processed globally today. I can't be certain, no.
May 26th, 2009Committee meeting
Jeff van Duynhoven
Finance 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.
May 26th, 2009Committee meeting
Jeff van Duynhoven
Finance 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 so
May 26th, 2009Committee meeting
Jeff van Duynhoven
Finance 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.
May 26th, 2009Committee meeting
Jeff van Duynhoven
Finance committee We're charging a surcharge on top because, as I said in my opening remarks, those changes cost millions of dollars for us to change our systems to be able to process these incremental cost transactions. We need to be able to recoup our cost. As any good business person would, we
May 26th, 2009Committee meeting
Jeff van Duynhoven