Is the Payment Card Settlement Legit?
If you received a notice of a class action lawsuit claiming you may be affected by a payment card settlement, you’re probably wondering if it’s legitimate. It is, but there are some important things to know.
If you received a notice of a class action lawsuit claiming you may be affected by a payment card settlement, you’re probably wondering if it’s legitimate. It is, but there are some important things to know.
Restaurants that accept Mastercards may see specific restaurant interchange fees or general fees. That’s because Mastercard has restaurant-specific categories for some cards, but not others.
Merit 1 (or Merit I) is a set of Mastercard interchange categories that dictate the rates for certain Mastercard payments.
CPS Car Rental, CPS Hotel, and CPS Passenger Transport are interchange categories that determine the interchange fees a business in one of those industries pays to accept a debit or prepaid card online or by keying it in.
“CPS Hotel” and “CPS Car Rental” are Visa interchange categories that determine the rates and fees a hotel or car rental agency will pay to accept debit or prepaid cards in person.
The international card not present interchange categories determine the fee a U.S.-based business will pay to accept an international Visa card online or by keying in card details.
Visa’s international card present credit interchange categories dictate the interchange fees a business will pay to accept an international credit card at a business in the U.S.
Enhanced data (also sometimes called level 2 or level 3 data) refers to information provided with a credit card transaction that goes beyond the basic details.