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!
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.
What happens if the number of gifts processed falls below the limits?
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.