Updates

VISA Fee Changes

Effective July 1, 2009, Visa will begin charging a new Zero Floor Limit Fee. This fee will be assessed on any Visa clearing transaction submitted without proper authorization. The amount of the fee will be $.10 per transaction. Also effective July 1, 2009, the Visa Access Fee will increase from $.0065 per transaction to $.0195. Moneris Solutions will pass through both the new fee and fee increase to our customers at cost.

The Zero Floor Limit Fee is applied to any Visa transaction that is submitted for settlement without proper authorization. Since April 2007, all transactions in all merchant environments have been required to obtain an authorization prior to settlement. This fee will help reduce the number of clearing transactions that are not properly authorized. Unauthorized clearing transactions adversely impact the integrity of the Visa payment system by circumventing both acquirer and issuer real-time risk and fraud control systems.

As of July 1, 2009 the billing descriptor for the Visa Access Fee was changed to Visa Auth Processing Fee.