Interchange fee are transactions for payment from either the Acquirer or Merchant Processor to the Card Issuer. Therefore, it represents the fees paid by the merchant acquirer to the Card Issuer.
At the time transaction is exchanged fees are paid and vary also based on the method of processing your transaction. Processing a hand-keyed transaction is therefore expensive than a card-swiped transaction because you don’t have the physical card and its associated risk.
Rates may apply to your transactions, also depending on the method of processing and the qualification assigned by the Card associations.
Rate qualification criteria:
- Card associations consider the card product used in the transaction
- How the transaction data is entered?
- The time of settlement
- Time of authorization
Interchange Category Based on Card Type:
- Credit
- Debit
- Rewards purchasing
Industry Type:
Qualification Elements:
When you settle your transactions each day, Acquirer or Merchant Processor like NTC routes them to the Card Associations (Visa, MasterCard, Discover) and debit networks through Interchange.
As a result, Visa, MasterCard and Discover (Card Associations and Debit Networks) establish the rules and manage the Interchange of all transactions.
For your Electronic Payment needs give us a call at 888-996-2273 we are open 24/7 or visit our website www.nationaltransaction.com for more information.