Interchange fee

Interchange is the interbank fee within a card payment, typically paid by the acquirer to the issuing bank. It is not the full processing charge paid by the merchant.[1] That charge may also include network assessments and processor remuneration.[2]

When comparing contracts, establish whether interchange is passed through separately or bundled. Compare the same transaction count, payment volume and card mix. A lower advertised percentage does not demonstrate lower total cost. This definition does not state current rates or legal fee caps.