• Last Updated:
  • Nov 23rd, 2018 9:38 am
Tags:
[OP]
Member
User avatar
Mar 28, 2012
329 posts
78 upvotes
My Kijiji sofa

Moneris users

Can you make heads or tails from this new upcoming "simplified pricing"...
"easier to understand and forecast your...costs" yet there are still 2 variable undetermined fees

Does this letter count as materially different such that one can now leave without penalty if you do not agree? What I did manage to understand on it is that there will no longer be a $300 deactivation fee; instead it is replaced by a restocking fee for your terminals, but only if you leave before 3 yrs. And chargeback fee is raising from $10 to $25

I can't tell though if this new fee structure will cost us more!
I am open! Let's get on with the hacking - I assume it vibrates?
Ref: Dazz
6 replies
Member
Feb 18, 2014
215 posts
38 upvotes
JoDanrfd wrote:
Jul 28th, 2017 1:41 am
Can you make heads or tails from this new upcoming "simplified pricing"...
"easier to understand and forecast your...costs" yet there are still 2 variable undetermined fees

Does this letter count as materially different such that one can now leave without penalty if you do not agree? What I did manage to understand on it is that there will no longer be a $300 deactivation fee; instead it is replaced by a restocking fee for your terminals, but only if you leave before 3 yrs. And chargeback fee is raising from $10 to $25

I can't tell though if this new fee structure will cost us more!
Yes, you can most certainly walk away from your contract.

As for the new fee structure, unless you do a relatively small percentage of non qualified transactions (35% or less), this pricing methodology is better for you than the tiered pricing that they are getting rid of.

As for your new fees, I've reviewed 20+ Moneris statements, and in all cases, the overall fees slightly increased. This is due strictly to the mark up they implemented. Of course, it's not done by accident...

If you'd like to see how much the new rates would impact you, feel free to message me, and I will gladly take a look.
[OP]
Member
User avatar
Mar 28, 2012
329 posts
78 upvotes
My Kijiji sofa
gamechanger wrote:
Jul 28th, 2017 9:33 am
unless you do a relatively small percentage of non qualified transactions (35% or less), this pricing methodology is better for you than the tiered pricing that they are getting rid of.
We do 95%+ MOTO - so this should be better ?
I am SO PLEASED that more and more of our CAD clients are choosing to use interac etransfer :)
I am open! Let's get on with the hacking - I assume it vibrates?
Ref: Dazz
Member
Feb 18, 2014
215 posts
38 upvotes
JoDanrfd wrote:
Sep 8th, 2017 10:03 am
We do 95%+ MOTO - so this should be better ?
I am SO PLEASED that more and more of our CAD clients are choosing to use interac etransfer :)
Yes, should definitely be better in theory. That said, Moneris has already run the calculations, and provided you with rates that will end up costing you a bit more than what you were paying under the old pricing structure.
Newbie
Nov 21, 2018
1 posts
Hey, I know it's been over a year since this post went up, but I was wondering if you still remember any details about this letter announcing the "simplified pricing" changes. I haven't been able to find any information on Moneris's site anywhere that outlines the jump in the chargeback fee from $15-$25, so i'm assuming the only way pre-existing customers were supposed to know was via this letter. But what happens if a customer never got the letter? How were they supposed to know?
[OP]
Member
User avatar
Mar 28, 2012
329 posts
78 upvotes
My Kijiji sofa
We don't receive separate letters.
All notices are part of the "Monthly merchant statements" online. I am guessing the one I referred to here was on the May or June statement.

October 2017 statement:
Your account was converted to Simplified Pricing on October 1, 2017, as
communicated to you in July 2017. These updates are now available on your
current statement and can be found in the "Transaction Fee" section of your
merchant statement. In addition, your Chargeback Fee was increased from
$10.00 to $25.00 per chargeback. For more information on Simplified Pricing,
please visit moneris.com/simplified.
Current interchange rates are available at moneris.com/interchangeupdates
Don't see anything in the July statement like they mention though.
I am open! Let's get on with the hacking - I assume it vibrates?
Ref: Dazz
Member
Feb 18, 2014
215 posts
38 upvotes
polaris123 wrote:
Nov 22nd, 2018 2:21 pm
Hey, I know it's been over a year since this post went up, but I was wondering if you still remember any details about this letter announcing the "simplified pricing" changes. I haven't been able to find any information on Moneris's site anywhere that outlines the jump in the chargeback fee from $15-$25, so i'm assuming the only way pre-existing customers were supposed to know was via this letter. But what happens if a customer never got the letter? How were they supposed to know?
For the most part, the notifications are listed on the 1st page of their monthly statements. This was also the case when they sent out their most recent fee increase notification (September statement). That said, they do change things up and send to some via a separate letter. As for the increased chargeback fee, it’s simply a cash grab. I’ve seen recent statements from merchants that still had the $10 fee applied.

Top