Interchange Rate definition
Interchange Rate is a percentage of the gross amount of each transaction set by the applicable Card Brand. The Interchange Rate varies based on the type of transaction, method of transaction, and transaction classification. Transaction fees, depending on the specific fee, may be charged on all transactions or only specific types of transactions. Other fees will be charged as set forth for each fee, which may be upon the occurrence of an event (e.g., a chargeback fee will be charged for each chargeback) or based on the passage of time (e.g., a monthly fee will be charged each month or portion thereof without proration). The payment due for the purchase or lease of equipment, if any, will be subject to an amendment to the Agreement or a separate agreement. Each Card Brand may surcharge one or more transactions based on the type of transaction, method of transaction, transaction classification, and other metrics set forth in the Card Brand Rules. User is responsible for reviewing the applicable Card Brand Rules (available on each Card Brand website or upon request from Autobooks) regarding applicable surcharges.
Interchange Rate is a percentage of the gross amount of each transaction set by the applicable Card Brand. The Interchange Rate varies based on the type of transaction, method of transaction, and transaction classification. Transaction related Fees, depending on the specific Fee, may be charged on all transactions or only specific types of transactions. For example, a PIN-Debit Fee is only charged on debit transactions requiring a PIN. Other Fees will be charged as set forth for each Fee, which may be upon the occurrence of an event (e.g., a Chargeback Fee will be charged for each chargeback) or based on the passage of time (e.g., a monthly Fee will be charged each month or portion thereof without proration). The payment due for the purchase or lease of equipment, and the calculation of such payment, will vary based on the type of equipment, the applicable license(s) necessary to use the equipment, the length of any financing term, and the creditworthiness of Merchant. The payment amount(s), and the calculation for such amounts, will be set forth in a separate purchase or lease agreement. Monthly Minimum Fees will be charged in place of the following fees if the sum of the following fees does not exceed the Monthly Minimum (Discount Fees, Authorization Fees, Network Settlement Fees, PIN Debit Transaction Fees). Each Card Brand may surcharge one or more transactions based on the type of transaction, method of transaction, transaction classification, and other metrics set forth in the Rules. Merchant is responsible for reviewing the applicable Rules (available on each Card Brand website or upon request from Processor) regarding applicable surcharges.
Interchange Rate means a fee paid by the Acquiring Bank to the Issuing Bank. It is generally calculated as a percentage of the Transaction value. The fee is regulated and prescribed by the SARB on local Transactions. International Transactions attract various interchange fees that are not regulated by the SARB;
Examples of Interchange Rate in a sentence
The extent to which Merchant benefits from this MasterCard Interchange Rate will be solely pursuant to the Acquirer Relationship.
In the event of multiple employees with the same hire date, the following rule will apply: date of hire in an even-number year – forward by alphabetically with ‘a’ having the most seniority; date of hire in an odd number year – backward by alphabetically with ‘z’ having the most seniority.
With respect to any Qualified MasterCard Debit Transactions in an ***, the MasterCard Interchange Rate shall be *** (which shall equal ***); provided, that each such Qualified MasterCard Debit Transaction *** is in compliance with the established qualification criteria for those rates as detailed in the Standards or as otherwise provided to, or accessible by, Merchant.
Contractor will provide written justification to the Contract Administrator with validation of the adjustment to the Interchange Rate table; Enterprise Services reserves the right to negotiate a greater incentive share at any time during the life of the Agreement.
Such notice shall specify the reduction in the Interchange Rate, the resulting reduction in FNBO revenue and the reduction in Compensation sought by FNBO.
More Definitions of Interchange Rate
Interchange Rate means any then-current fee charged by the Interchange System for each Bank Card Transaction.
Interchange Rate. A rate, set by the Network (i.e., Visa, MasterCard, Discover, American Express), collected by the card issuer to cover the cost of processing the transaction. Joint & Several Liability: Cardholder is liable for all transactions initiated on the card account and the Purchasing Entity is liable for all transactions and fees on such accounts that are closed for any reason or are ninety-one (91) days past due. Large Ticket Transaction: High dollar transaction that, per the Association’s guidelines, constitutes the purchase is completed with a lower than standard interchange rate. Large Ticket Quarterly Volume: Total quarterly large ticket volume spend by a Purchasing Entity for all Commercial Card Products in a Quarter, less credits, and net of Write-Off Adjustments. Lead State: State responsible for soliciting for and managing the awarded Master Agreement Level 1 Data: Standard commercial transaction data that includes, subject to changes made by the applicable Associations, the total purchase amount, the date of purchase, the merchant category code, merchant’s name, city/state, debit/credit indicator, date transaction/credit was processed by the Contractor, Contractor processing/transaction reference number for each transaction/credit, and other data elements as defined by the Associations or similar entity. Level 2 Data: In addition to Level 1 data, includes, subject to changes made by the applicable Associations, sales tax amount, company information, and other data elements as defined by the Associations or similar entity. Level 3 Data: In addition to the Level 2 data includes, subject to changes made by the applicable Associations, cost, quantiles, unit of measure, product codes, product descriptions, and ship to/from zip codes, freight amount, duty amount, order date, discount amount, order number and other data elements as defined by the Associations or similar entity. Master Agreement: Underlying agreement executed by and between the Lead State and the Contractor, as now or hereafter amended. May also be referred to as contract or Master Contract.
Interchange Rate. A rate, set by the Network (i.e., Visa, MasterCard, Discover, American Express), collected by the card issuer to cover the cost of processing the transaction. Joint & Several Liability: Cardholder is liable for all transactions initiated on the card account and the Purchasing Entity is liable for all transactions and fees on such accounts that are closed for any reason or are ninety-one (91) days past due. Lead State: State responsible for soliciting for and managing the awarded Master Agreement Level 1 Data: Standard commercial transaction data that includes the total purchase amount, the date of purchase, the merchant category code, merchant’s name, city/state, debit/credit indicator, date transaction/credit was processed by the Contractor, Contractor processing/transaction reference number for each transaction/credit, and other data elements as defined by the Associations or similar entity.
Interchange Rate means [*].
Interchange Rate means the rate that is set and charged by a National Association to an entity that initiates a Card transaction, which is subsequently paid to Elan, the issuer of the Card. The rate is a percentage applied to the dollar value of each transaction for the cost of receiving, balancing and posting Card transactions.
Interchange Rate means the rate computed by the Bank intended to compensate the issuer for the cost of performing work to facilitate a transaction performed at a payment card channel.
Interchange Rate means the weighted average blend of the actual interchange rates applied by the Network to transactions under the Program.