At Canmor Inc. we feel strongly in disclosing all fees and charges you will pay for Merchants Services. Some fees will vary based on the services or products you require for your particular business. We do not hide them in fine print or in Terms of Service documents accessible only from a web site. Prior to you finalizing an account opening, you will formerly have the opportunity to review all fees, rates and charges in the privacy of your business or home before you commit.
The following is the list of fees that are charged by companies in the Merchant Services industry. Fees that may be charged by Canmor are highlighted with an asterisks.
Terminal Rental or Monthly Fee
- The monthly rental fee you pay for the use of a Retail Terminal. Monthly Fee is what you pay to access the process platform when using Virtual Terminal or SmartPhone devices.
- The fee you pay for each transaction processed, applies to both credit card and debit card transactions.
Cost Plus Rate
- The percentage or margin that is added to the Visa and MasterCard Interchange cost. For more information, click on“Understanding Cost Plus”.
Visa & MasterCard Card Brand Fee
- Card Brand fees are charged by Visa, MasterCard and Discover on every transaction. This fee represents the revenue the card associations earn, used to support the credit card network. This fee or rate is added to the Interchange Fee and is shown in our pricing charts.
Cross Border Fee
- Visa and MasterCard charge a fee if a credit card issued from another country is used. The fee assists in the foreign currency exchange handling costs.
- Monthly fee to access and maintain the processing network. This fee is typically bundled with other fees. We choose to make this fee transparent.
PCI Security Fee
- PCI (or Payment Card Industry) Monthly fee charged to maintain Security Requirements and Processes to combat the increased level of computer hacking. Incorporated into this fee is assistance of up $100,000 to offset the cost related to merchant liability in the advent credit card information is hacked from merchant’s systems.
PCI Non Compliance Fee
- The Card Payment Industry mandates every merchant must be in compliance (or certified) with PCI Security Regulations. In the event a merchant does not become compliant within 3 months of opening a merchant account, the merchant will be charged this monthly fee until the merchant becomes compliant.
- A one-time fee is charged to cover the cost to ship the equipment to your premises.
Bank Account Change Fee and Business Name Change Fee
- Fee charged if you change your bank account or your business name.
- Fee charged if any debit to your business bank account is returned for any reason. Monthly fees are debited to your account on or near the first day of each month, it is your responsibility to maintain sufficient funds in your account to cover the monthly fee. If a debit is returned, a second attempt to debit your account will be made during the month. If the second attempt fails, you will be notified of the overdue account. Any outstanding overdue account risks having the merchant account closed.
- In the event one of your customers files a complaint with their Bank, you will be notified of the compliant. You will be given an opportunity to dispute the compliant by providing transaction information. If the compliant is upheld you will be charged a Charge-back Fee per occurrence.