As with most technological services, there is a cost to accepting credit and debit cards. Part of this cost is known as the interchange fee. Interchange fees are the fees that an acquiring bank pays an issuing bank to process credit or debit transactions.
An acquiring bank is a merchant account provider (First American Payment Systems) that processes and charges for the credit card transactions. An issuing bank (Bank of America) is a company that distributes credit cards and collects interchang…
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Posted on September 23, 2009 at 10:40am —