Re:Square to no longer return processing fees when buyers ar...
by paulmd on Thursday March 02, 2023 @05:48PM
(#35003173)
Visa and Mastercard typically only keep the fixed fees on refunded charges, the $0.30 part of the typical "$0.30 + 3%" fee structure.
Square is saying they'll keep the whole 3%. That's obviously different and not Visa/Mastercard's fault - Visa is refunding it to Square, Square is keeping it. Stripe is now doing the same thing too.
The fixed cost is the processing fee and that cost includes processing refunds. The percentage is the "interchange fee" and is supposed to represent the agreed take of the processing network for that settled transaction.
Square is saying they'll keep the whole 3%. That's obviously different and not Visa/Mastercard's fault - Visa is refunding it to Square, Square is keeping it. Stripe is now doing the same thing too.
The fixed cost is the processing fee and that cost includes processing refunds. The percentage is the "interchange fee" and is supposed to represent the agreed take of the processing network for that settled transaction.
https://www.businessnewsdaily.com/16583-credit-card-processi...