What is Interchange?
Interchange is a fee charged by the major credit card payment networks: Visa, MasterCard, Discover, and American Express to a merchant's bank in exchange for processing a payment. These fees can vary, based on the card type, whether or not it's a rewards card, credit vs debit card, and many other factors. Currently there are over 470 different interchange rates!
It’s worth noting that all giving platforms and payment processors are charged the same interchange rates regardless of size. They add their profits on top of of that interchange. We are the only non-profit ministry that will give it to you at cost plus zero and keep it at cost plus zero. For a deep dive, checkout our article: What are interchange rates and should I care?
How can I calculate my average effective rate?
Your average effective rate is the sum of your interchange fees, additional basis points, gateway transaction fees along with any ACH transactions fees divided by the total volume processed in a given time frame.
To calculate your rate, you’ll need your merchant statement, gateway statement, and ach statement if you have one. We wrote a helpful article to guide you through the entire process.
What happens if the number of gifts processed falls below the limits?
We assess the monthly platform fee based on the number of gifts you process each month. This means you only pay for what you process. If the total gifts given falls below your current tier, then your monthly platform rate will decrease. If you process enough total gifts to get to the next tier, then your rate will increase accordingly. Bottom line: you pay for the tier you fall in for each month.
How do My Well fees compare to other online giving companies?
Most organizations charge 2.9% + 30 for payment processing. Our model uses Interchange Plus Zero pricing. We simply pass the fees charged by card brands like Visa, MasterCard, Discover, and American Express, directly to you, along with the 30¢ per transaction fee.
For bank transfers (ACH), there are no additional or hidden fees—just the 30¢ per transaction fee.
No matter what, we never markup or profit on the money for your mission. Keep reading to learn more about how My Well processing fees compare.