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Both of these fees are meant to help a business make up for any processing fees it may have to pay when you make a payment. For this reason, fees should not exceed the processing fee amount.
Every time a customer uses a card, Visa and/or Mastercard charge the merchant a processing fee, dubbed a swipe or interchange fee. Typically, this is passed onto the customer, ...
An interchange fee is a fee paid between banks for the acceptance of card-based transactions. Usually for sales/services transactions it is a fee that a merchant's bank (the "acquiring bank") pays a customer's bank (the "issuing bank").
For business-to-business (B2B) and business-to-government (B2G) purchases, these interchange fees fall into one of 3 processing categories — Level 1, Level 2, or Level 3. Level 1 has the highest rates.
Merchant services is a broad category of financial services intended for use by businesses. [1] In its most specific use, it usually refers to merchant processing services that enables a business to accept a transaction payment through a secure (encrypted) channel using the customer's credit card or debit card or NFC/RFID enabled device.
Mobile payment apps are usually free, but many have per-transaction fees. In addition, businesses will incur credit card processing fees regardless of what payment system they use.
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