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Interchange fees or "debit card swipe fees" are paid to banks by acquirers for the privilege of accepting payment cards. Merchants and card-issuing banks have long fought over these fees. Prior to the Durbin amendment, card swipe fees were previously unregulated and averaged about 44 cents per transaction. [3]
The settlement lowers interchange fees for merchants and also protects credit card companies from being sued over the issue again in the future. [23] That settlement was reversed. Currently one for US$6.24 billion is scheduled to go before the district court on November 7, 2019. [24]
In March 2015, the European Parliament voted to cap interchange fees to 0.3% for credit cards and to 0.2% for debit cards, [3] which was subsequently enacted under Regulation (EU) 2015/751 with effect from 8 June 2015. [40]
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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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.
A payment surcharge, also known as checkout fee, is an extra fee charged by a merchant when receiving a payment by cheque, credit card, charge card, debit card or an e-money account, [1] but not cash, which at least covers the cost to the merchant of accepting that means of payment, such as the merchant service fee imposed by a credit card company. [2]
Interchange fees [8] (or trade fees) are transaction charges that the acquiring bank pays when a payment is being processed via debit or credit card. The expenses are paid to the issuing bank and cover costs, such as processing fees, bad debt, and charges due to risk and potential fraudulent activities.
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