Reading an Interchange++ statement, with the arithmetic shown

A blended rate gives you one number per transaction: say 2.9% plus a fixed fee. Interchange++ (also written IC++) gives you three. More lines can look like more complexity, but each line tells you something a blended rate hides.

This post walks through a sample statement, explains each component, and shows how to compare it with a blended quote.

All rates and amounts in this post are illustrative placeholders, not published prices.

The three parts

Every card transaction under Interchange++ carries:

1. Interchange. Paid to the card issuer. Set by the card networks and, in some regions, capped by regulation. It varies by card type, region and how the payment was taken.
2. Scheme fees. Paid to the card network. These include assessment fees, cross-border fees and a range of small per-transaction charges.
3. Acquirer markup. Paid to your payment provider. This is the only part your provider sets, and the only part you negotiate directly.

The first "+" is scheme fees. The second "+" is the markup.

A sample statement

Here are five transactions from an illustrative monthly statement. Amounts in euros.

The markup here is a flat 0.30% of the amount, applied consistently. Interchange and scheme fees move with the card.

Reading each line

Transaction 1 is a domestic debit card in a market where consumer debit interchange is capped. Interchange is low, so the total is low.

Transaction 2 is a domestic credit card. Interchange is higher than debit but still capped.

Transaction 3 is the same amount on a card issued outside the region. Interchange is several times higher, and scheme fees include a cross-border component. Nothing about your business changed. The card did.

Transaction 4 is a commercial card. These are often outside regulatory caps and carry higher interchange.

Transaction 5 is a refund. Interchange is usually returned on refunds, but some scheme fees are not.

Checking the statement

Three checks catch most errors:

• Markup consistency. Divide the markup column by the amount. It should match your contract on every row. If it does not, ask why.
• Card classification. Spot-check a few transactions where you know the card type. A domestic debit card billed at credit or cross-border interchange suggests a classification or routing problem.
• Scheme fee totals. Scheme fees are hard to audit line by line, but their share of volume should be stable month to month. A sudden jump is worth a question.

The Unified Orders API returns the fee breakdown on each payment object, so you can run these checks in your own reporting rather than from a PDF.

Comparing with blended pricing

Suppose a blended quote is 1.40% plus €0.20 per transaction. Apply it to the four sales above:

On this small sample, blended looks cheaper because two of four transactions use expensive cards. Now change the mix: if 90% of your volume is domestic consumer cards, Interchange++ comes out well ahead. The answer depends on your card mix, which is why the arithmetic matters more than the headline rate.

When each model fits

Blended pricing fits when:

• You are early, with low volume and no data on your card mix.
• Predictable fees matter more to you than the lowest fees.
• A large share of your volume is cross-border or commercial cards.

Interchange++ fits when:

• Most of your volume is on domestic consumer cards in regions with interchange caps.
• You have the finance capacity to read and reconcile a detailed statement.
• You want to see the effect of changes such as local acquiring or network tokens in your costs.

Questions to ask any provider

• Is the markup a percentage, a fixed fee or both?
• Are scheme fees passed through at cost, or bundled?
• How are refunds, disputes and failed authorisations charged?
• Can you get the breakdown per transaction, not only as a monthly total?
• Is FX conversion priced separately, and how is the rate set?

Our pricing page shows both models side by side, and the pricing calculator lets you enter your own card mix to compare them.