Finance committee  Equipment and technology costs. It's less on the equipment side because it's not a point-of-sale device; it's more our own internal processing systems.

Finance committee  This is again an illustrative statement. Customer fees will range depending upon the individual negotiation with that merchant and the type of equipment they have. Do they have a stand-alone point-of-sale device? Do they also want a PIN pad attached? In that case, I have to buy t

Finance 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--

Finance committee  A statement for MasterCard, that's right. That's really the legacy out of the Competition Bureau previously not allowing duality in Canada. They've since lifted that restriction, last November, but currently this is a legacy of that. We process Interac and Visa transactions for o

Finance committee  No, that is our merchant discount rate. We've elected to pass those fees on. The Visa discount rate is set by TD Merchant Services, and that's the charge we levy to the merchant for processing their Visa credit card transactions.

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  Equipment and technology costs. It's less on the equipment side because it's not a point-of-sale device; it's more our own internal processing systems.

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  A statement for MasterCard, that's right. That's really the legacy out of the Competition Bureau previously not allowing duality in Canada. They've since lifted that restriction, last November, but currently this is a legacy of that. We process Interac and Visa transactions for o

Industry committee  No, that is our merchant discount rate. We've elected to pass those fees on. The Visa discount rate is set by TD Merchant Services, and that's the charge we levy to the merchant for processing their Visa credit card transactions.

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 so

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.

Industry 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

Industry committee  This is again an illustrative statement. Customer fees will range depending upon the individual negotiation with that merchant and the type of equipment they have. Do they have a stand-alone point-of-sale device? Do they also want a PIN pad attached? In that case, I have to buy t

Finance committee  Yes, and there could be more fees. There could be standard fees charged, again, for the way the transaction is processed. So there could be different fees that we pay. The merchant can no longer say, “I pay 1.8% as a merchant discount rate and that's my all-in cost.” As I tried