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What are interchange fees?

April 26, 2017fees interchange

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What are interchange fees?

6 Answers

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Interchange fees are transaction-related costs that PowerPay pays to the issuer of the card as compensation. These fees are established by MasterCard and Visa and are based upon how a transaction takes place and in what type of industry.

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Interchange fees are transaction-related charges, established by MasterCard and Visa, which merchants pay as a compensation for the payment processing service they receive. These fees are based upon how a transaction takes place and in what type of industry.

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Interchange fees are transaction-related costs that your payment processor pays to the issuer of the card as compensation. These fees are established by MasterCard and Visa and are based upon how a transaction takes place and in what type of industry.

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Interchange fees are transaction-related costs that Chase Paymentech pays to the issuer of the card as compensation. These fees are established by MasterCard and Visa and are based upon how a transaction takes place and in what type of industry.

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Interchange is a percentage of each transaction that Visa and MasterCard banks collect from retailers every time a credit or debit card is used to pay for a purchase. The fee varies with type of card, size of merchant and other factors, but as much as $2 of every $100 you spend goes to card issuers. Credit and debit card interchange collected by Visa and MasterCard totaled more than $42 billion in 2007, up 17 percent from 2006 and 133 percent since 2001. In 2008, the average American family can expect to pay $427 a year in interchange fees. In the case of gasoline, with the price at the pump now more than $4 a gallon, credit card companies and their banks are collecting as much as 9 to 10 cents a gallon in interchange fees, even as they continue trying to keep consumers in the dark about how much they are really paying.