What is interchange?

Interchange is a fee paid by card acquirers such as myPOS to the financial institution that provides the purchaser with their card, every time a sale is processed. The amount is set by the relevant card scheme (Visa, Mastercard, etc.). The fee can vary depending on the type of card and other factors, but it does not vary between different card acquirers. myPOS pays this fee on your behalf, and covers the costs within its transaction fees – you are not separately billed Interchange fees.

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