What are Interchange and Scheme Fees?

When myPOS processes a transaction, myPOS is required to pay a fee, known as Interchange, which is determined by the relevant card scheme (e.g. Mastercard or Visa) and is paid to your customer’s card issuer. Additionally, myPOS also pays fees to the card scheme whose brand is displayed on the card, and to the card scheme who routes the transaction between myPOS and the card issuer. Collectively, these fees are known as Scheme Fees. Interchange and Scheme Fees vary per transaction depending on: Card brand (e.g. MasterCard or VISA); Card type (e.g. consumer card or commercial card); Where the card was issued, etc. Detailed information on the Interchange per card type and issuing country is available for VISA, MasterCard, UPI, JCB and Bancontact.

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