Accept MasterCard

Why It’s Good Business To Accept MasterCard Credit Cards

Does your business need to accept MasterCard credit card payments in Canada?

Building a successful business in today’s challenging economy means you need to optimize every single opportunity. We understand how hard you work to provide top-notch value and best-in-class service to your customers, but are you giving them the most convenient payment options?

MasterCard is one of the two most commonly held credit cards. Canada First helps you to accept MasterCard whatever your business size.

While some businesses don’t accept credit cards due to the cost, with Canada First’s cost-plus pricing you’ll save on processing fees while making payments more convenient for your customers.

Benefits Of Accepting MasterCard

Whether you’re a new business or an established enterprise, accepting MasterCard will have a big impact on your bottom line. Some of the most significant benefits of accepting MasterCard include:

- Increased Sales
  Consumers spend more when they’re not constrained by cash on hand. You may see increased purchases of higher-margin products as well as specialty items. And customers may visit your store more often.

- Customer Satisfaction
  Your customers will appreciate the fact that you allow them the flexibility to pay the way they want to pay—including by credit, debit or prepaid cards. Happier customers are more loyal customers.

- Speed of Checkout
  You’ll speed your customers through checkout with rapid electronic payment. No more counting change or waiting while customers write cheques.

- Improved Efficiency
  Electronic card transactions can save you time and money by minimizing cash handling and payment reconciliation, giving you more time to do more important things—like managing and growing your business.

- Safety
  With lower volumes of cash, you’re less vulnerable to theft and pilfering.

Simple Currency Conversion
Electronic payments on MasterCard credit cards are settled in the currency in which you sell your goods and services, regardless of where the Cardholder is from. If you sell in US or Canadian dollars, that’s how you’ll be paid.

What is the MasterCard Interchange?

Interchange is the fee collected by the customer’s credit card bank (the MasterCard card-issuer) on every transaction. These rates are set by MasterCard every year and apply to all processors. In other words, this is the true cost that the processor has to pay on every transaction. The interchange rates are part of our Cost+ pricing program. The tables below provide a breakdown of the current MasterCard interchange rates.

MasterCard Canada Interchange Rates

Card Type

Interchange Rate

Card Present

Swipe/Chip Consumer

1.300%

Swipe/Chip High-Spend

1.420%

Swipe/Chip Corporate

2.000 %

Swipe/Chip Premium High-Spend (World Elite)

1.860 %

Keyed

Keyed Consumer

1.650 %

Keyed Premium

2.290 %

Keyed Corporate

2.000%

Keyed Premium High-Spend (World Elite)

2.790 %

Recurring Payments

Recurring Consumer

1.300 %

Recurring High-Spend

1.420 %

Recurring Corporate

2.000 %

Recurring Premium High-Spend (World Elite)

1.860 %

Emerging Markets/Charities

Swipe/Chip/Keyed Consumer

1.000 %

Swipe/Chip/Keyed High-Spend

1.250 %

Swipe/Chip/Keyed Corporate

2.000 %

Swipe/Chip/Keyed Premium High-Spend (World Elite)

1.500 %

Gas and Service Stations

Swipe/Chip Consumer

1.170 %

Swipe/Chip High-Spend

1.300 %

Swipe/Chip Corporate

2.000 %

Swipe/Chip Premium High-Spend (World Elite)

1.600 %

Groceries and Supermarkets

Swipe/Chip Consumer

1.220 %

Swipe/Chip High-Spend

1.340 %

Swipe/Chip Corporate

2.000 %

Swipe/Chip Premium High-Spend (World Elite)

1.600 %

Independent Business*

Swipe/Chip Consumer

1.300 %

Swipe/Chip High-Spend

1.420 %

Swipe/Chip Corporate

2.000 %

Swipe/Chip Premium High-Spend (World Elite)

1.860 %

Level 2 Data

Corporate & Purchasing

1.400 %

Fleet Cards

1.400 %

Level 3 Data

Corporate & Purchasing

1.400 %

Fleet Cards

1.400 Large Ticket $10,000+

1.200%

Assessments and Association Fees

MasterCard Card-Brand

0.0904 %

MasterCard Acquirer Digital Communication (Ecommerce) Fee

0.0226 %

Acquirer Licence Fee

0.0122%

Fixed Acquirer Access Fee

0.008 %

Account Status Inquiry ($0 transaction)

$ 0.0283

Address Verification Service (AVS)

$ 0.0113

Security Code Verification (CVC)

$ 0.0028

MasterCard International Cross-Border (CAD)

0.6780 %

MasterCard International Cross-Border (USD)

1.1300 %

* HST is charged to the acquirer/processor on network card-brand, association and cross-border fees. MasterCard’s listed card-brand fees is 0.0800% respectively. Because this is an absorbed cost by the acquirer who are not allowed to claim ITCs in Canada, the HST on the card-brand fee cannot be used as an ITC by the merchant. Does not apply to interchange, per transaction or cost+ fees. Below are list to the official MasterCard interchange tables.

MasterCard Canada Official Interchange Rates

* MasterCard Canada Independent Businesses

SIC

Limousines and Taxicabs

4121

Books Periodicals and Newspapers

5192

Home Supply Warehouse Stores

5200

Hardware Stores

5251

Lawn and Garden Supply Stores

5261

Variety Stores

5331

Freezer Locker Meat Provisioners

5422

Dairy Products Stores

5451

Bakeries

5462

Misc Food Store/Convenience Mrkt/Splty Vending/Macs

5499

Alternations Mending Seamstresses Tailors

5697

Eating Places Restaurants

5812

Fast Food Restaurants

5814

Drug Stores Pharmacies

5912

Book Stores

5942

News Dealers and Newsstands

5994

Pet Shops/Pet Foods and Supplies

5995

Cleaning Garment and Laundry Services

7210

Laundry Services Family and Commercial

7211

Dry Cleaners

7216

Barber and Beauty Shops

7230

Hat Cleaning Shops/Shoe Repair Shops/Shoe Shine

7251

Automobile Parking Lots and Garages

7523

Car Washes

7542

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Get in touch and ask us for a quote or ask a question about what solution is best for your business. Call us at 888-616-6967 or click to send an email. We’re here to help.

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