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What is Interchange++?

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What is Interchange++?

If you’re a merchant, you’ve probably heard about interchange fees before.

These are fees which are set by card brands (such as VISA and Mastercard) and can vary depending on the type of transaction, your Merchant Category code and the type of card your customers have used.

But, did you know there are different pricing models for you to choose from?

The two pricing models most commonly used by UK eCommerce merchants are Interchange++ and Fixed Pricing.

Here’s what you need to know about Interchange++.

What is Interchange++?

Interchange++ is a transparent fee structure that shows a breakdown of individual fees.

As a merchant, you are charged on a per-transaction basis. The scheme and processing fees remain fixed and only the interchange fees fluctuate.

If the interchange fees are lower for a card transaction, this means lower fees for you.

Interchange++ provides a clear breakdown of all transaction fees:

  • Interchange fee (IC) – An exchange fee is paid from your merchant account to your customer’s bank.
  • Card Scheme fee (+) – A fee charged by Visa or Mastercard for the processing of a transaction.
  • Processor fee (+) – A fee charged by your payment processor for providing you with their card processing services.

Want to know more?

For more helpful hints on growing your eCommerce business, search #PixxlesPowerUps or visit our ‘News & Views’ page to read more useful blogs.

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