Interchange pricing provides a single transaction fee that is unaffected by how you process the card or the associated risk of the transaction. We calculate the fee you pay per transaction using basis points, which we agree with you when you choose to use interchange pricing.
Note: One basis point is equal to 0.01%.
You also pay an interchange fee for each brand of card you want to accept. Each card brand dictates its own interchange fee.
We calculate your card transaction fees once per calendar month using your basis points. We deduct them with your interchange fees and your account fees from the money funded to your bank account.
Let us know if this answered your question. If not, please let us know why!
Tags: card brand, interchange, account fees, basis points, transaction fee, statement