My rep said I have interchange plus pricing. What is that?

We use the interchange plus pricing model to provide a fair and transparent experience for our customers. Interchange plus pricing means that all transactions are charged at the same rate, regardless of how the card is run or how "risky" the transaction is.

Each credit card brand (Visa, MasterCard, Discover, American Express, etc.) has set their own transaction fee, which is called an interchange fee. 360 Payments will add a small fee on top of this interchange fee (that's the "plus" part) to manage your account. The fee is measured in basis points, with one basis point being equivalent to 0.01% of the total transaction amount. You and your sales representative will agree to a certain number of basis points prior to setting up service with us, and you'll see this number reflected on your statement as well.

If you want to do a deeper dive into interchange plus pricing or have questions about how our fees are calculated with respect to your specific account, reach out to your sales rep or email [e-mail].