It’s a word thrown out often, but what exactly is interchange? To put it simply, interchange is the largest portion of fees which merchants pay to accept credit cards. When a credit card is swiped, there is a set of fees associated with the transaction; interchange represents the bulk of these fees, and goes to card issuing banks to pay for their services.

Each transaction is classified into one of the hundreds of interchange categories (see a sample here). How the transactions are classified is pretty complicated, and depends on a number of questions regarding the details of the transaction. Click on the infographic below to learn more.

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