{"id":13552,"date":"2023-01-30T09:32:11","date_gmt":"2023-01-30T09:32:11","guid":{"rendered":"https:\/\/trc-parus.ru\/?p=13552"},"modified":"2023-02-05T08:35:08","modified_gmt":"2023-02-05T16:35:08","slug":"how-interchange-rates-work-in-payments","status":"publish","type":"post","link":"https:\/\/trc-parus.ru\/blog\/how-interchange-rates-work-in-payments\/","title":{"rendered":"How Interchange Rates Work in Payments"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"13552\" class=\"elementor elementor-13552\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6cad504 e-flex e-con-boxed e-con e-parent\" data-id=\"6cad504\" data-element_type=\"container\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-79ea5a2 elementor-widget elementor-widget-text-editor\" data-id=\"79ea5a2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.20.0 - 26-03-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><a href=\"https:\/\/trc-parus.ru\/blog\/what-is-interchange\/\">Interchange fees<\/a>, also known as swipe fees, are charges that merchants pay when a customer uses a credit card\u00a0<span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight ); text-align: var(--text-align); font-size: 1rem;\">to make a purchase. Sometime<\/span><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight ); text-align: var(--text-align); font-size: 1rem;\">\u00a0interchange rates also apply to debit cards, in particular <a href=\"https:\/\/trc-parus.ru\/blog\/how-visa-debit-works-in-canada\/\">Visa Debit Cards<\/a>. Interchange fees are primarily a percentage of the total transaction amount and they are paid to the <a href=\"https:\/\/trc-parus.ru\/blog\/what-is-an-issuing-bank-in-payments\/\">issuing bank<\/a> of the credit card being used and to the payment processors.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight ); text-align: var(--text-align); font-size: 1rem;\">The purpose of interchange fees is to cover the costs associated with processing and approving a card transaction, including costs related to fraud prevention and chargebacks. If you&#8217;re looking for a background on the payments industry, check out our <a href=\"https:\/\/trc-parus.ru\/blog\/credit-card-and-payment-processing-industry-overview\/\">Overview of the Credit Card Processing and Payments Industry<\/a>.\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-34cfd7d elementor-widget elementor-widget-heading\" data-id=\"34cfd7d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.20.0 - 26-03-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">History of interchange rates<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-890eb4b elementor-widget elementor-widget-text-editor\" data-id=\"890eb4b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The history of interchange fees in payments can be traced back to the 1950s when the first credit cards were introduced. At that time, banks and other financial institutions began charging merchants a fee for accepting credit card payments in order to cover the costs of processing and approving transactions.<\/p><p>In the beginning, the fees were relatively low and were not widely contested. However, as the use of credit and debit cards grew, so did the rates charged by the card networks and issuing banks. By the 1980s and 1990s, interchange fees had become a significant expense for merchants, particularly for those with high sales volumes or low profit margins.<\/p><p>In response, some merchants began to push back against the fees, arguing that they were too high and that they were being unfairly passed on to consumers. In the late 1990s and early 2000s, a number of lawsuits were filed against the card networks and issuing banks, alleging that they were engaging in anticompetitive practices and charging excessive fees.<\/p><p>In response to these legal challenges and growing public concern, some governments and regulatory bodies began to take action. For example, in the European Union, interchange fees for debit card transactions were capped at 0.2% in 2002 and credit card transactions were capped at 0.3% in 2015. In the USA, the <a href=\"https:\/\/www.federalreserve.gov\/paymentsystems.htm\" target=\"_blank\" rel=\"noopener\">Federal Reserve<\/a> proposed capping the interchange fees on debit card transactions at 12 cents in 2011, but the rule was later struck down by the courts.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fe0c322 elementor-widget elementor-widget-heading\" data-id=\"fe0c322\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Who defines the rates of interchange fees<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8d2aaf9 elementor-widget elementor-widget-text-editor\" data-id=\"8d2aaf9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight ); text-align: var(--text-align); font-size: 1rem;\">The fees are set by the card networks such as <a href=\"https:\/\/trc-parus.ru\/\" target=\"_blank\" rel=\"noopener\">Visa<\/a>, <a href=\"https:\/\/trc-parus.ru\/\" target=\"_blank\" rel=\"noopener\">Mastercard<\/a>, <a href=\"https:\/\/www.americanexpress.com\/\" target=\"_blank\" rel=\"noopener\">American Express<\/a> and rates are typically higher for premium cards like rewards or corporate cards. For example, a merchant might pay a 1.5% interchange fee for a standard credit card transaction, but a 3% fee for a rewards credit card transaction.<\/span><\/p><div class=\"w-full border-b border-black\/10 dark:border-gray-900\/50 text-gray-800 dark:text-gray-100 group bg-gray-50 dark:bg-[#444654]\"><div class=\"text-base gap-4 md:gap-6 m-auto md:max-w-2xl lg:max-w-2xl xl:max-w-3xl p-4 md:py-6 flex lg:px-0\"><div class=\"relative flex w-[calc(100%-50px)] md:flex-col lg:w-[calc(100%-115px)]\"><div class=\"flex flex-grow flex-col gap-3\"><div class=\"min-h-[20px] flex flex-col items-start gap-4 whitespace-pre-wrap\"><div class=\"markdown prose w-full break-words dark:prose-invert light\"><p>In some countries, there have been efforts to regulate interchange fees and limit the amount that merchants must pay. For example, in the <a href=\"https:\/\/trc-parus.ru\/blog\/interchange-fees-by-country\/\">European Union<\/a>, interchange fees for debit card transactions are capped at 0.2% and those for credit card transactions are capped at 0.3%.<\/p><p>Despite these regulatory efforts, interchange fees remain a contentious issue. Critics argue that they are still too high and that they are an unnecessary burden on merchants and consumers. Supporters, on the other hand, argue that they are necessary to cover the costs of processing and approving card transactions and to prevent fraud.<\/p><\/div><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c834a88 elementor-widget elementor-widget-heading\" data-id=\"c834a88\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How much are interchange rates for merchants<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d2f92fd elementor-widget elementor-widget-text-editor\" data-id=\"d2f92fd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Interchange fees can vary depending on the type of card being used, the type of merchant accepting the card, and the specific terms of the merchant&#8217;s merchant services agreement with their bank or payment processor. For example, the fees are generally higher for online payments than for in-person transactions, and they may be higher for small businesses than for large corporations.\u00a0<span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight ); text-align: var(--text-align); font-size: 1rem;\"><a href=\"https:\/\/trc-parus.ru\/blog\/interchange-fees-by-country\/\">Interchange rates also vary significantly by country<\/a>. You can view the interchange rates of Canada and USA below by clicking the below buttons.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-72540a9 e-flex e-con-boxed e-con e-parent\" data-id=\"72540a9\" data-element_type=\"container\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-0cdcfa4 e-con-full e-flex e-con e-parent\" data-id=\"0cdcfa4\" data-element_type=\"container\" data-core-v316-plus=\"true\">\n\t\t\t\t<div class=\"elementor-element elementor-element-713b2c1 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"713b2c1\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-md\" href=\"https:\/\/trc-parus.ru\/interchange-rates-in-canada\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Canada Interchange Rates<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0ce4518 e-con-full e-flex e-con e-parent\" data-id=\"0ce4518\" data-element_type=\"container\" data-core-v316-plus=\"true\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6bfec05 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"6bfec05\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-md\" href=\"https:\/\/trc-parus.ru\/interchange-rates-in-usa\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">USA Interchange Rates<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-151b5bf e-flex e-con-boxed e-con e-parent\" data-id=\"151b5bf\" data-element_type=\"container\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2205176 elementor-widget elementor-widget-text-editor\" data-id=\"2205176\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The cost of interchange fees can add up quickly for merchants, especially for those with high sales volumes or low profit margins. Some merchants may pass on these costs to their customers in the form of\u00a0<a href=\"https:\/\/trc-parus.ru\/blog\/passing-on-credit-card-processing-fees-to-customers\/\">surcharges<\/a>\u00a0or higher prices for goods and services. Others may choose to accept only certain types of payment cards or to limit the number of card transactions they accept in order to minimize their interchange fee expenses.<\/p><p>That being said there are some tactics that merchants can take to\u00a0<a href=\"https:\/\/trc-parus.ru\/blog\/how-to-reduce-credit-card-processing-fees\/\">reduce their overall payment processing fees<\/a>. It<span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight ); text-align: var(--text-align); font-size: 1rem;\">\u00a0is very good to work with a payment processor that can help you get low rates, like <a href=\"https:\/\/trc-parus.ru\/get-started\/\">TRC-Parus<\/a>.<\/span><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight ); text-align: var(--text-align); font-size: 1rem;\">\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Interchange fees, also known as swipe fees, are charges that merchants pay when a customer uses a credit card\u00a0to make a purchase. Sometime\u00a0interchange rates also apply to debit cards, in particular Visa Debit Cards. Interchange fees are primarily a percentage of the total transaction amount and they are paid to the issuing bank of the [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":13581,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[30],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Interchange Rates Work in Payments - | Credit Card Processing<\/title>\n<meta name=\"description\" content=\"How interchange rates work in USA and Canada. 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