A simple explanation of fees in the payment card industry

I wrote a piece last month explaining how the payment card industry works.  I talked about the various actors (acquirers, issuers, schemes, merchants, etc) and pointed out how weird it is that everybody knows the Mastercard and Visa brand names yet nobody actually has a relationship with them. One of the questions I didn’t address there was fees.  Who makes all the money? Why does it seem so expensive?

Let’s start with the standard four-party model: Merchants, Acquirers, Issuers and Schemes:

Four Party Model Fees 1

The four-party model: Merchants obtain card processing services from Acquirers, who route transactions via Schemes to Issuers, who debit Consumers’ accounts.

A Worked Example

The key point is that one firm from each category is going to be involved in every payment card transaction.  So it’s interesting to ask: how much do they get paid?

Let’s take a concrete example and work it through.  Bear in mind: this is just an example. As you’ll see, there are almost infinite variations and some merchants will pay fees considerably higher than the ones I discuss below.  Also, note: this information all comes from public sources.  I use company names below for clarity but I have no private insight or information into their fee structures

The Scenario

Let’s imagine I’m using a Visa Debit card, issued by a US bank (let’s say Bank of America) to buy $100 of goods from an online retailer.   What happens?  From my perspective, of course, it’s obvious: I’m paying $100!

Four Party Model Fees 2

Imagine I am using my Visa Debit Card, issued by Bank of America to pay for $100 goods from an online retailer.

The Merchant’s Perspective: The Merchant Discount Fee

What does the merchant see?  Well, the merchant will have a contract with an acquirer.  What does that look like?  Let’s take an example.  Costco have a page on their website that refers small merchants to Elavon for acquiring services.  Let’s use the pricing displayed on that page for Online transactions:

1.99% plus 25c per transaction (plus some other recurring/monthly fees, etc)

Many readers will be thinking that seems low but let’s go with it for now.

So, for our $100 transaction, we can calculate how much money the merchant will actually receive from Elavon/Costco:

  • Transaction value: $100
  • Elavon/Costco takes 1.99% + 25c = $2.24. This is often called the “merchant discount fee
  • So merchant gets $97.76

So our picture now looks like the one below:

Four Party Model Fees 3

Merchant receives $97.76 from the $100 transaction. Elavon gets $2.24.  But how is the $2.24 distributed between the acquirer, issuer and scheme?

The Issuer’s Perspective: The Interchange Fee

So we know how much money the merchant has paid to the “credit card industry”. But how is that money allocated between all the participants?   Visa Inc has a very helpful document on their website, which tells us part of the story: Visa U.S.A. Interchange Reimbursement Fees.

The key word here is “Interchange”.  Interchange is the fee that gets paid to whoever issued the card – and it’s set by the scheme (Visa in this case).   You’ll see in that document that this is not straightforward… there are pages and pages of rates:  the interchange fees vary based on whether the card was present or not – and on the type of good or service being bought, whether it was a debit or credit card, whether it was a corporate card, whether it was an international transaction and lots of other criteria…

So let’s just pick a simple example.  We’ll go with page 2 – “CPS/e-Commerce Basic, Debit” (Card not present).

Aside: CPS means that the merchant has complied with various Visa rules (such as validating customer address to reduce fraud risk, etc) and has thus qualified for a low cost option.  

So the issuer is entitled to 1.65% + 15c

  • Transaction value: $100
  • Issuer receives 1.65% + 15c = $1.80.  This is the interchange fee
  • So issuer owes $98.20 to the other participants (Visa, Elavon and the Merchant)

And we already know that the merchant only gets $97.76 of that money (their merchant discount fee was $2.24, remember?).  So that means there is 44c left to share between Visa and Elavon.

The diagram below shows the current state of the calculation:

Four Party Model Fees 4

Interchange Fee (what the issuer gets) is $1.80

So how is the remaining 44c allocated?

We’ve assumed the switch is Visa so we need to know much they charge.  CardFellow.com has a good explanation.

We’ve assumed a Visa Debit card so, according to that site, Visa’s fee, which we call the “Assessment” is 0.11%.   There is a menu of other charges that might apply but we’ve assumed this is a low-risk “CPS” transaction so we’ll assume none of them apply.  (In reality, the 1.55c “Acquirer Processing Fee” probably applies)

  • Transaction value: $100
  • Visa assessment is 0.11% so Visa charges 11c. 
  • So there is $98.09 to pass on to the acquirer.

And if there is $98.09 to pass on to the acquirer and we know that the merchant receives $97.76, that must mean there is 33c left for Elavon.

So there we have it… in this VERY SIMPLE, highly contrived – and probably unrepresentative – example, we end up with the result in the diagram below:

  • Consumer pays $100
  • Issuer receives $1.80
  • Visa receives $0.11
  • Acquirer receives $0.33
  • Merchant receives $97.76 – overall fee $2.24

Four Party Model Fees 6

Final picture showing how the merchant’s $2.24 fee is allocated

As I’ve stressed above, this is just a simple example but it shows two key points:

1) It is the issuer who receives the bulk of the fees (this is, in part, how they fund their loyalty schemes, etc)

2) The schemes actually earn the least, per transaction, of any of the participants.  This underlines, again, how powerful their business model is:  by being at the centre of a very sticky network, they can earn a lot of money overall by charging very low per-transaction fees.   [Edit 2013-08-10 10:35 : it’s also worth noting that the acquirers and schemes have pretty much fixed-cost infrastructures – unlike issuers, who need to hire customer service and debt collection staff in proportion to number of cards issued. So the schemes and acquirers also benefit disproportionately from rising volumes.  So: low fees for schemes/acquirers for sure… but HUGE volume is what enables them to make big profits]

[Note: I use blog posts like this to help clarify my own thinking and understanding – as well as to share knowledge…  and there are one or two pieces here where I’m not 100% confident I got it totally correct… so please do tell me where I’m wrong if you spot something]

[Update 2014-08-09 18:47 Minor typos and replaced last diagram]

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46 thoughts on “A simple explanation of fees in the payment card industry

  1. The switching companies and the acquirers may earn the least fees per transaction but they deal with multiple issuers. If we take a look at the market fees earned they are likely earn way more than any single issuer.

  2. @Olajide – thanks for the comment. You’re right – I should have made that much clearer. I was trying to make the point that per-transaction fees levied by the Schemes and Acquirers are pretty low — but, as you rightly say, it’s the sheer *volume* of transactions (flowing over what are effectively fixed-cost infrastructures) that drive their profits. I’ll update the article to make his clearer.

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  4. Richard

    This is a nice, simple explanation, and the major themes largely hold true. However, it possibly misses a couple of key points…

    – the first is the sheer variation (some might say cross-subsidisation) between different extremes of the market (eg small merchant vs large merchant, debit vs credit, etc). It is entirely possible to construct and alternate transaction scenario where the acquirer is the recipient of the bulk of the fees (see UK small merchant “blended” pricing at c.2.5-3% vs CP Debit interchange at 8p). If you dig deeper, it becomes apparent why certain issues are so sensitive to different constituents of the market and why the regulatory focus on interchange is perhaps the bluntest of tools

    – the second is that this picture is incomplete without a picture of who is carrying the risk/liability (both fraud and settlement) for the transaction and some of the costs/trade-offs inherent in reversing a transaction. The trade off between the fee-based “cost” of the transaction and the cost of the fraud (both financial and operational) is an essential part of decision making among the most savvy participants in the industry (eg Amazon) and helps explain some of the different attitudes to fraud (eg US vs Europe) and the business models of many new entrants.

    Keep up the good work!

  5. @paymentality – thanks for the detailed feedback. very fair comments – and thanks for the insight re the subtlelty of pricing.

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  11. I’m confused: are you using “Switch” and “Scheme” to mean the same thing? If so, could you just use one term? If not, what’s the difference between the two?

  12. @msallin – good question. You’re right… I was loose with my terms there. By “scheme”, I mean the overall bundle of services, rules, technology, etc., that a provider like Mastercard provides (e.g. the rule-book, brand, technical infrastructure, contracts, etc). By switch, I mean the piece of infrastructure that routes messages/transactions between participants in the ecosystem. So you can think of the switch as one of the services that a scheme provides to its members. However, I was vague on this point and did use the terms interchangeably…. when I should have been more precise. Thanks for the question.

  13. Ok, with that in mind, is it the Switch that takes 11¢ or the Scheme that takes 11¢? I’m asking because I’m going to be talking to banking industry folks and I want to get my terminology right, thanks!

  14. @msallin – the scheme is the legal entity/company…. the switch is something they run (or something they do, depending on your viewpoint, I guess). So it’s Visa who receives the 11c or 12c or whatever…. so I guess it makes most sense to say that the money is paid to the scheme.

  15. @msallin – as Richard points out, there are two distinct roles in the centre of the 4 party model

    1. The “scheme” which covers rules, brand, product definition, dispute resolution, membership/contracts, etc
    2. The “inter-bank” processor which generally performs two tasks – switching/authorisation and clearing/settlement – as well as additional value-added services (risk scoring, etc).

    Oftentimes, these roles are fulfilled by the same entity (Visa, Mastercard, etc) but they can be performed by separate entities, hence the European Comission’s regulatory focus on separation of scheme and processing.

    In reality, there are fees associated with both roles which would add up to the c.11c in Richard’s example:
    – there are scheme/assessment fees for each transaction (with additional compliance and dispute resolution fees) – these are charged to both issuers and acquirers
    – there are both fixed (access) and per ‘click’ transaction fees for each of authorisation and clearing/settlement – again charged to both issuers and acquirers

    [it is worth noting that the link Richard provided in the article is largely looking at Acquirer facing fees. In reality the Issuer is also paying fees to Visa on each transaction, but these costs are not passed on to the merchant directly]

    The schemes/processors also charge additional fees for x-border/multi-currency transactions.

    I hope that helps clarify, at least at a high level, the (subtle) differences between Scheme and Inter-bank Switch/Processor and the related fee-profiles. The actual pricing ‘tables’ are substantially more complex!!

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  18. Hi Richard, I am bit new to cards industry, Can you please explain how this picture will work in case of ON US transactions and is there any need to go for the switch in ON US case(i.e both acquirer and issuer are same).

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  41. Very good article indeed!! My question is about processing fee which schemes charge. Do they charge some % of transaction amount (per transaction) or based on volume of transactions?

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