For every one of those transactions an interchange fee is paid by the retailer’s bank to the cardholder’s issuing bank. The retailer will then pay the interchange fee back to the their bank as part of its wider processing fees. Visa insisted that interchange fee the providers receive helps them to maintain and improve their payments systems. These efforts are critical to drive commerce.”But while the interchange fee that consumers can be charged is capped under EU law, the interchange fee businesses can be charged isn’t. “In Ireland we have a programme for businesses from a range of sectors where they can request tailored interchange fees.

Source: Irish Independent October 02, 2023 12:03 UTC