Glossary
Interchange
Interchange is the fee the acquirer pays the card-issuing bank for every transaction.
When a customer pays by card, the merchant's bank (acquirer) passes part of the amount to the customer's bank (issuer). Card schemes set this amount; it depends on card type, country, MCC and how the payment is made.
Interchange is the largest part of the merchant discount rate (MDR). On top, the acquirer adds scheme fees and its own margin, so the same "2.5%" from two providers can hide different structures.
Interchange++ pricing shows all three parts separately and is usually cheaper at higher volumes. At small volumes a blended flat rate is simpler.
Related terms
MDR (merchant discount rate)MDR (Merchant Discount Rate) is the percentage of each payment that a merchant pays the acquirer or provide…AcquiringAcquiring is the service of accepting cashless payments: a bank or payment company takes the buyer's paymen…MCC (merchant category code)An MCC is the four-digit code card schemes use to classify a merchant's type of business.
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