Interchange is a fee paid by card acquirers, such as myPOS, to the financial institution that issues the customer's card whenever a sale is processed. This fee is determined by the relevant card scheme (e.g., Visa, Mastercard) and is paid to your customer’s card issuer. The fee can vary depending on several factors, including:
Card Brand: Different brands like Mastercard, Visa, etc.
Card Type: Whether the card is a consumer card or a commercial card.
Issuing Country: The country where the card was issued.
Interchange fees are a necessary part of the transaction process, ensuring that the various parties involved in the transaction are compensated. myPOS pays these fees on behalf of merchants and includes them within its transaction fees, so you are not separately billed for interchange fees.
For detailed information on the interchange rates per card type and issuing country, you can refer to the respective card schemes such as VISA, MasterCard, UPI, JCB, and Bancontact.