Frequently Asked Questions

 

Merchant FAQ's

 

Q: What is "interchange" and how does it work?
A: Interchange is the fee associated with exchange of transaction data between acquiring (merchant) and issuing (cardholder) institutions in accordance with the Visa® and MasterCard® bylaws and rules. The interchange fee is actually paid to the bank that issued the card while the merchant's bank is charged the interchange fee. Merchant transactions are gathered for processing every night; these transactions are routed to the cardholder's account to be charged and merchants are credited accordingly.

Q: Why am I paying mid-qualified and non-qualified rates?
A: Visa® & MasterCard® have different interchange requirements based on industry type and method of transmission. Transactions that do not meet these requirements are billed at mid-qualified or non-qualified rates. Review the Visa® & MasterCard® Interchange Qualification Criteria to ensure your transactions are being processed correctly.

Q: Can I refuse to take the more expensive cards like Visa® Premier?
A: No. Once you enter into a Merchant Agreement you must display the Visa® and MasterCard® marks and accept all valid Visa® or MasterCard® cards properly presented for payment.