WePay - FCAC Code of Conduct Requirements

Partner Guidance

The FCAC Code of Conduct is meant to help merchants understand and compare card accepting costs and easily switch payment providers. This went into effect on March 1st; we need to quickly take steps to be in compliance and the changes will need to be made by April 30th, at the latest.

FCAC (Financial Consumer Agency of Canada) requirement is that all merchant–acquirer agreements will include a cover page containing the following using FCAC templates.

1. Information Summary Box (No partner requirement)

The Information Summary Box contains key elements of the merchant contract. This box is already presented at the top of WePay Canada Terms of Service, which merchants agree to as a function of onboarding. Therefore no partner action required for compliance.

2. Fee disclosure box (Partner action required)

Partner needs to display the Fee Disclosure Box at the top of merchant/user agreement ORcduring onboarding where fees are currently presented to the merchant/user/payee. The entire Fee Disclosure Box should be placed where fees are presented during onboarding, or there should be a prominent link (with the words ‘Required regulatory disclosure of fees in Canada’) to the Fee Disclosure Box.

Note:

• As required by FCAC, this exact template needs to be used.
• The template is already pre-populated with the card types that partners accept in Canada as a function of using WePay, which are all Visa, Mastercard and Amex cards.
• IMPORTANT: Fees vary by partner and each partner needs to ensure their fees are accurately shown in the box. These are the fees the partner charges the merchant/user/payee for accepting card payments.
  1. A partner may have multiple fees for different services they provide to users. This box should only contain the card payment processing fees as presented to the merchant/user. If the partner does not separately present card payment acceptance fees, and instead have a single bundled fee, then that fee should be displayed in this box because the fee includes card payment acceptance.
  2. To be clear, the fees to be displayed in this box are not partner’s or WePay’s costs for processing card payments. The fees to be displayed are those charged to the merchant/user/payee for card payment acceptance.
• Even where fee is same regardless of card product type, as in the example below, FCAC requirement is that all the card product types has to be listed. Typically partners will have the same fees irrespective of card brand or type. Possible exception is that Amex cards may carry different fees and should be reflected accordingly in the box.
• FCAC has provided more details about Fee Disclosure Box here.

Fees Disclosure Box

Visa Consumer Credit	2.3% + CA$0.30
Visa Infinite	2.3% + CA$0.30
Visa Infinite Privilege	2.3% + CA$0.30
Visa Business	2.3% + CA$0.30
Visa Business Premium	2.3% + CA$0.30
Visa Corporate	2.3% + CA$0.30
Visa Prepaid	2.3% + CA$0.30
Visa Debit	2.3% + CA$0.30
MasterCard Consumer Credit	2.3% + CA$0.30
MasterCard World	2.3% + CA$0.30
MasterCard World Elite	2.3% + CA$0.30
MasterCard Business/Corporate	2.3% + CA$0.30
MasterCard Debit	2.3% + CA$0.30
MasterCard Prepaid	2.3% + CA$0.30
American Express	2.3% + CA$0.30
Other Fees - Chargeback CA	$15.00