When myPOS processes a transaction, it is required to pay a fee known as Interchange to the card issuer. This fee is determined by the relevant card scheme (e.g., Mastercard or Visa) and is paid to the customer’s card issuer. Additionally, myPOS pays fees to the card schemes for the use of their systems, transaction processing, and other related services. These additional fees are collectively known as Scheme Fees.
Key Points:
Interchange Fees: Paid by myPOS to the customer’s card issuer for each transaction. The amount is set by the card scheme and can vary based on factors such as card brand (e.g., Visa, Mastercard), card type (e.g., consumer or commercial card), and the issuing country of the card.
Scheme Fees: These are fees charged by the card schemes to myPOS for access to their systems and other services related to transaction processing.
Interchange and Scheme Fees vary per transaction, depending on:
Card Brand: Such as Visa, Mastercard, UPI, JCB, Bancontact.
Card Type: Consumer prepaid and debit cards, consumer credit cards, commercial cards.
Issuing Country: The country where the card was issued.
For detailed information on the interchange rates per card type and issuing country, you can refer to the respective card schemes:
Visa
Mastercard
UPI
JCB
Bancontact