Interchange
1. Payments - cards - charges.
Interchange fees or charges relate to credit cards, debit cards, and other cards.
Interchange charges are levied by the merchant acquiring company (normally a bank or other financial institution that "buys” the transactions from the retailer at a discount).
They include transaction fees for debit cards and turnover fees for credit cards charged by the card acquirer that processes card payments on behalf of the retailer.
Interchange charges are often negotiable and depend on the volumes of transactions, the average transaction size, the method of processing and the credit quality of the transactions.
2. Information technology.
The transmission or exchange of electronic information, usually following a prescribed format such as ASCII.
3. Exchange and substitution.
Any mutual transfer or substitution, either virtual or physical.
