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Excerpt

This Compliance Guide details the requirements for the Code of Conduct for the Credit and Debit Card Industry in Canada (or “The Code”) for Merchants to be able to accept card payments.

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Element

Summary

Element 1

Transparency and Disclosure Element

Element 2

Notice of fee increase or new fee Element

Element 3

Contract Cancellation

Element 4

No Obligation Acceptance

Element 5

Payment Method Discount Element

Element 10

Negative Option Acceptance

Element 11

Contactless Payments

Element 12

Renewal and Cancellation Disclosure

Element 13

Complaint Handling Process

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Providing Monthly Merchant Statements

As a part of Partners serving Canadian Merchants, it is also your responsibility to provide each merchant with a monthly statement showing the following information:

  • Card Type* - MasterCard Credit, Visa Credit, MasterCard Debit, Visa Debit, American Express, or Discover

  • Number of Sales*

  • Gross Sales ($)*

  • Service Rate (%)* - Either a flat rate charged or applicable interchange rates for each card type.

  • Rate Fee (Rate * Gross Sale ($))*

  • Per Transaction Fee ($X.XX * Number of Sales ($))*

  • Total Fees (Rate Fee + Transaction Fee ($))

  • Effective Merchant Discount Rate (Total Fees/Gross Sales (%))*

    Required = *

It is recommended that you provide this information in a .CSV format so that your Merchants can easily view the information in Excel.

Please download the example below for a sample of what your Monthly Merchant Statement information should look like:

View file
nameExample Monthly Merchnt Statement.xlsx - Sheet1.csv