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Industry committee That's exactly the case. Their fee base for their shareholders is generated from service or assessment fees, and that's included in our cost. So they will bill us quarterly, based on our overall volume, and then we'll remit money to both Visa and MasterCard as well as Interac for
May 26th, 2009Committee meeting
Jim Baumgartner
Industry committee Yes, absolutely.
May 26th, 2009Committee meeting
Jim Baumgartner
Industry committee The fees are negotiated individually with each merchant, but the vast majority of the fee would be the merchant discount rate, the fee that we charge to the merchant. From a cost perspective, the vast majority would be interchange, and then assessments, and then our operating inf
May 26th, 2009Committee meeting
Jim Baumgartner
Finance committee Well, it required a significant investment in infrastructure. Our system was not capable of handling the complex interchange structure that was traditionally more common in the U.S. When that was introduced here, it required an investment in the tens of millions of dollars to be
May 26th, 2009Committee meeting
Jim Baumgartner
Finance committee I'd say a combination of both, quite frankly. As I mentioned before, our spreads have come down since we started and so we definitely have borne some of it, but the merchants are paying more as well, and there's no doubt about it.
May 26th, 2009Committee meeting
Jim Baumgartner
Finance committee On the debit side? Sure, I can, and I'll try to be brief. Cut me off if I'm not brief enough. Priority routing refers to a practice where, if you had an Interac card today, and let's say Maestro was added to the card, the instructions from the issuers would be to route this thro
May 26th, 2009Committee meeting
Jim Baumgartner
Finance committee In our particular case, Visa has offered us an incentive to develop Visa debit. However, we've not elected to roll it out yet because we're not comfortable right now that the price is appropriate for merchants. When MasterCard introduced the price for Maestro, we had some serious
May 26th, 2009Committee meeting
Jim Baumgartner
Finance committee That's exactly right. Starting in October 2010, both card brands have announced what's called a liability shift. That is, if you went to a merchant with a chip card, you entered your PIN, and then said that it wasn't you, the merchant would be liable for that transaction if they
May 26th, 2009Committee meeting
Jim Baumgartner
Industry committee Well, it required a significant investment in infrastructure. Our system was not capable of handling the complex interchange structure that was traditionally more common in the U.S. When that was introduced here, it required an investment in the tens of millions of dollars to be
May 26th, 2009Committee meeting
Jim Baumgartner
Industry committee In our particular case, Visa has offered us an incentive to develop Visa debit. However, we've not elected to roll it out yet because we're not comfortable right now that the price is appropriate for merchants. When MasterCard introduced the price for Maestro, we had some serious
May 26th, 2009Committee meeting
Jim Baumgartner
Industry committee That's exactly right. Starting in October 2010, both card brands have announced what's called a liability shift. That is, if you went to a merchant with a chip card, you entered your PIN, and then said that it wasn't you, the merchant would be liable for that transaction if they
May 26th, 2009Committee meeting
Jim Baumgartner
Industry committee I'd say a combination of both, quite frankly. As I mentioned before, our spreads have come down since we started and so we definitely have borne some of it, but the merchants are paying more as well, and there's no doubt about it.
May 26th, 2009Committee meeting
Jim Baumgartner
Industry committee On the debit side? Sure, I can, and I'll try to be brief. Cut me off if I'm not brief enough. Priority routing refers to a practice where, if you had an Interac card today, and let's say Maestro was added to the card, the instructions from the issuers would be to route this thro
May 26th, 2009Committee meeting
Jim Baumgartner
Finance committee From our perspective, no.
May 26th, 2009Committee meeting
Jim Baumgartner
Finance committee Yes, we did.
May 26th, 2009Committee meeting
Jim Baumgartner