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drewawhalley
Oct 11, 2022 1:33 AM UTC
Question

With new Canada interchange surcharge fees: Does the flat 2.9% fee charged by QB count as my interchange fees? in which case I would charge the mastercard cap of 2.4%?

I am not sure if the 2.9% counts as my interchange fee, I know that technically the interchange fees that is passed on to the CC issuer will be different.  And if it is the case that I can only charge the specific interchange fee for a certain card, how can I charge them properly without first knowing what exact card my customer is using?

1 reply

mv32
Oct 11, 2022 4:48 AM UTC

Hi @drewawhalley.

 

I appreciate for posting relevant into your issuing bank's intercharge fees in QuickBooks Payments. For QuickBooks Payments, it's a per transaction fee to the business per use of the service.

 

For now, the cost is 2.9% + $0.25 of each transaction processed, as outlined on the QuickBooks Online Payments page and in the Intuit Canada Merchant Agreement.

 

On the ther hand, I want to make sure this is taken care of. I also suggest contacting our QuickBooks Payments Support team. From there, they can review your account and can tell you when to charge the 2.4% if possible and advise how to charge customer's card properly.

 

As always, remember to comment if you have other QuickBooks concerns. I'll be right back to help. Take care always.

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