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 Visa Defendants also will refrain from actions that have the effect of artificially reducing the calculated average Effective Interchange Rate for Applicable Domestic Credit Transactions, for example, manipulating which credit products are or are not subject to the “Honor All Cards” Rule for the specific purpose of affecting the calculation of the average Effective Interchange Rate.
The Mastercard Defendants also will refrain from actions that have the effect of artificially reducing the calculated average Effective Interchange Rate for Applicable Domestic Credit Transactions, for example, manipulating which credit products are or are not subject to the “Honor All Cards” Rule for the specific purpose of affecting the calculation of the average Effective Interchange Rate.
In 2012, TV Licensing proceeded against approximately 182,000 people in magistrates’ courts.296 Of those prosecuted in 2012, about 155,000 people were convicted and fined for non-payment of the licence fee.297 In the same year, the number imprisoned for non-payment of the fine was 51.
The Posted Interchange Rate Reduction will be implemented based on posted interchange rates effective as of December 31, 2023, which are attached as Appendix I.
Commencing with the Effective Date of this Rule 23(b)(2) Class Settlement Agreement and continuing for the duration of the release and covenant not to sue set forth in this Rule 23(b)(2) Class Settlement Agreement, the Mastercard Defendants will not increase any of their posted rates for Applicable Domestic Credit Transactions above Mastercard’s posted rates for Applicable Domestic Credit Transactions effective as of December 31, 2023, which are attached as Appendix J (“Posted Interchange Rate Cap”).
More Definitions of Interchange Rate
Interchange Rate means any then-current fee charged by the Interchange System for each Bank Card Transaction.
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 [*].
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. 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. 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 means the weighted average blend of the actual interchange rates applied by the Network to transactions under the Program.