In the past fifty years or so swiping plastic at the store has overrun paying with cash. In the early years of MasterCard and Visa, cash ruled all but since then times have changed. As credit cards grew more popular, merchants felt the need to decide whether to accept cards or the lost sales. Here we are in 2013 and it feels as if all transactions are “virtual.” What do we call all of this? Interchange.
I’m sure you’re now wondering, what are interchange fees? According to Andrew Parrott’s recent article, interchange fees are “payments for handling the transaction between a business’ bank account and cardholder’s bank account.” Not only do these fees cover the conversion of funds into the merchant’s account, but they also cover administrative services along with fraud threats. Variables such as brand, geography, transaction, card or business type all are a part of…
View original post 489 more words
Appstar Financial Complaints 