Simplii debit card is now a MasterCard debit | Simplii Financial | Discussion forum

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Simplii debit card is now a MasterCard debit
August 1, 2022
6:51 pm
JohnnyCash
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Simplii will be issuing all new and existing clients a new MasterCard debit card. The rollout is expected to be completed by February 2023. I personally will find it handy, others may not share my enthusiasm.

https://www.simplii.com/en/bank-accounts/no-fee-chequing/debit-mastercard.html

August 2, 2022
3:55 am
KamWest
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Biggest reason for this is to charge merchants a higher fee, in the end everyone will pay more for this.

I have an online store doing about 2 million a year in volume and we now only accept e-transfer. The card fees were totally out of control. The charge backs after authorization was in the thousands per month.

We now have cheaper prices, the e-transfer shopping basket is fully automated and clients are happily saving money.

August 2, 2022
5:42 am
canadian.100
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KamWest said
Biggest reason for this is to charge merchants a higher fee, in the end everyone will pay more for this.

I have an online store doing about 2 million a year in volume and we now only accept e-transfer. The card fees were totally out of control. The charge backs after authorization was in the thousands per month.

We now have cheaper prices, the e-transfer shopping basket is fully automated and clients are happily saving money.  

I can see that this will be more costly for businesses and consumers. This is going to be beneficial for bank profits. While not great for we consumers, those of use who own bank shares will most likely see our dividends increase. CM (of which Simplii is a part) dividend yield these days is over 5%.

August 2, 2022
6:18 am
Norman1
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It is not going to be more costly.

The new card combines Interac debit and MasterCard debit. "Purchases made in-store in Canada are processed by Interac, whereas online and international purchases are processed by Mastercard."

August 2, 2022
6:29 am
KamWest
Toronto
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Norman1 said
It is not going to be more costly.

The new card combines Interac debit and MasterCard debit. "Purchases made in-store in Canada are processed by Interac, whereas online and international purchases are processed by Mastercard."  

For now....

The credit card companies will eventually figure out how to cut Interac out of the equation entirely.

As a merchant I can also tell you that I saw a lot of funny transactions charges on my statement. It is so complex that it's almost impossible to decipher. They can call any transaction a credit transaction and I would have no way to tell. The statements are so convoluted and there is always another transaction type of fee that I have never seen before.

All I can say is e-transfer works for me and my clients, I still take debit on site and my transaction count has not gone up yet my fees seem to be steadily climbing there as well.

Please write your comments in the forum.