Look for an interchange-plus provider that lists their Amex rates so you can compare. It's not standardized, so each provider could charge differently. OptBlue allows your processing provider to bundle AmEx interchange rates with the other cards you accept. OptBlue program: This option is best for smaller merchants.If you would like to accept Amex cards at your business, you have two ways to do it: So the interchange rates are highest for merchants in those industries. ![]() But for Amex cards, it's the transaction size and merchant category that determine the interchange rate.Ī lot of people use Amex credit cards for dining and travel. Find out how much you could save with Stax today.Īmerican Express has a more complex fee structure.įor the other three networks, it's mostly the type of card and payment method that determines the interchange rate. If your business processes over $15k a month, this could turn out to be a much better value. How to Get the Best Processing Dealĭon't want to pay a markup with every transaction? A subscription service like Stax charges just one flat rate per month, with no additional markup. Note: The credit card networks typically update their interchange fees twice a year, in April and October. Here are the average credit card processing fees for the 4 major credit card networks:īelow, review some of the most common interchange fees you may encounter for each card association, as of April 2021. The typical interchange rate is 1.7% - 2% for credit cards and 0.5% for debit cards. ![]() Each card association has its own schedule of interchange fees, which you'll find below. These fees are set by the credit card networks (Visa, Mastercard, Discover, and American Express). There are different rates for different types of cards and transaction categories. Interchange fees make up the bulk of your total credit card processing fees. It's meant to cover the banks' operation costs and risk of fraud. This is called the interchange fee (or "wholesale" processing fee). This fee shall apply to each such Merchant transaction for a period of time following (i) the date the Merchant signed or was enabled to accept Cards by the payment processor or (ii) from the first Transaction submitted by the payment processor.įrom 0.When a customer pays with a debit or credit card, the bank that issued the card gets a cut of the transaction. ![]() Residential Rent (Include Long Term Care)Īpplied to all Transactions submitted and paid in USD, excluding Foreign Issued Debit Cards.įoreign Issued Debit Cards (effective April 16, 2021)Īpplied to all Foreign Issued Debit Card Transactions submitted and paid in CAD.Īpplied to all Foreign Issued Debit Card Transactions submitted and paid in USD.Ī fee assessed to payment processors on all American Express Charges.Ī fee assessed to payment processors on any Charge for which American Express did not receive both (i) the full Magnetic Stripe and (ii) the indicator as to whether the Card was swiped.Ĭard Not Present fees do not apply to any Foreign Issued Debit Cards.Ġ.30% of the face amount of each non-swiped ChargeĪ fee assessed to payment processors on any Charge made using a Card that was issued by an Issuer outside Canada other than Cards issued by the Japan Credit Bureau (“JCB Cards”) and excluding any Foreign Issued Debit Cards.Ī fee assessed to payment processors on each Charge submitted by a Merchant that previously obtained services directly from American Express.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |