An Update to Interac Debit Card Pricing

Jun 21, 2023

Occasionally, Square needs to update policies and pricing for our products to better align with evolving costs from our network and payments partners. In these scenarios, we make pricing changes so that we can invest in our platform, create new features, and continue expanding the value Square provides its sellers. Because we have a growing, multifaceted ecosystem of integrated business and commerce tools, we work carefully across product lines to minimize disruptions and changes.

In light of recent fee increases and the exponential shift to contactless and mobile payments – and to more accurately reflect the costs associated with processing these transactions – we have carefully considered adjustments to our Interac debit card pricing for in-person transactions. As a result, starting June 21, 2023, Interac debit card pricing for in-person transactions will change from 10¢ per transaction to 0.75% + 7¢ per transaction for new sellers, and on September 21, 2023, for existing sellers.

This change will have no effect on the numerous benefits sellers receive when using Square to accept payments, including:

  • Clear and simple processing rates for all major card brands
  • Payment dispute management
  • Out-of-the-box PCI compliance
  • 24/7 fraud monitoring

Businesses will receive more information about this change and the specific impact on their Square accounts over the coming days. For more information about our fees, please visit our Pricing page and our Pricing FAQ for additional resources.