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A consumer using a chip and signature card will sign for the purchase. The signature is compared with the one on the back of the card or with the signature stored in the cardissuer’s system. If the signatures matches, the transaction is typically approved.
What are Interchange Fees in Canada Interchange fees are charges levied by credit cardissuers (such as Visa, Mastercard, and others) to merchants for accepting and processing electronic payments. These fees serve as compensation for the risks and costs associated with facilitating electronic transactions.
Each transaction incurs fees the cardissuer sets, varying based on the card type and associated risks. Debitcards typically carry lower fees due to lower payment risk, whereas credit cards involve higher fees to offset potential defaults. Pros: Competitive rates and low transaction fees.
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