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What are intercharge fees and what credit cards do they apply to?
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2 Answers
The correct term is interchange fee. It is the fee paid by the bank which processes a business's merchant card transactions to the bank which issues the customer's credit card. In an ATM transaction the fee is paid to the bank that maintains the ATM machine. The fee is set by the Visa and Mastercard networks. Interchange fee typically refers to the interbank fees on Visa and Mastercard debit and credit cards, but all credit cards have a similar discount fee.
I found this ebook to be a huge resource to figure these sorts of things out:
http://feefighters.com/ebooks/what-is-credit-card-processing/
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