Visa Interchange on Domestic Transactions in Australia

In addition to the domestic credit interchange rates listed in the hierarchies above, Visa has introduced Visa Commercial Choice Select which allows Visa-issuing financial institutions, on behalf of their commercial and small business card customers, and Visa-accepting suppliers to establish configurable interchange reimbursement fee agreements, with applicable rates of 0% to 0.80%, in 0.05% increments, exclusive of GST. These configurable interchange rates agreed between issuers and Visa-accepting supplier are only applicable to domestic credit commercial transactions in Australia. Issuers should speak to their Visa representative for more details and consult the appropriate Visa Product Guide for full details.

* % = percent of the transaction value

Different fees apply when a Visa transaction involves either an overseas account holder or an overseas merchant.  Merchants should direct all questions relating to interchange fees to their Acquiring Institution.

The following table provides a brief description of Visa’s domestic interchange fee programs in Australia.

Other Key Definitions

• Account Funding transaction – a transaction where funds are pulled from a Visa account and are subsequently used to fund another Visa or non-Visa account
• Account holder – a person who has a Visa account issued by an Issuing Institution which is a member of Visa in Australia
• Acquiring Institution – a Financial Institution which has applied and been granted membership to Visa in Australia for the purpose of acquiring payment product transactions in Australia
• Business product – a commercial product targeted at small businesses
• Business Rewards product – a generic name given to Visa Business Rewards single network commercial debit products 
• Cash Back transaction – a cash-out transaction at Point-of-Sale in Australia between an Australian accountholder and an Australian merchant where service is provided
• Click to Pay – Visa’s implementation of EMVCo Secure Remote Commerce standards and specifications. It enhances the convenience and security of online transactions. It removes the need for consumers to manually enter their card details at checkout by allowing them to pay by simply entering their e-mail address or phone number at checkout, which in turn readies their card details
• Commercial product – a generic name given to the following products: Visa Business, Visa Corporate and Visa Purchasing
• Consumer Credit product – a generic name given to all Credit Consumer products
• Contactless transaction – a transaction that uses the contactless interface of a chip card and communicates with an EMV chip-enabled terminal using radio frequency
• Corporate product – a commercial product targeted at larger organizations for travel and entertainment and general purchases
• Domestic Visa Credit transaction – a transaction in Australia between an Australian account holder and an Australian merchant involving the purchase of goods and services using a Visa Credit product
• Domestic Visa Debit transaction – a transaction in Australia between an Australian account holder and an Australian merchant involving the purchase of goods and services using a Visa Debit product
• Domestic Visa Prepaid transaction – a transaction in Australia between an Australian account holder and an Australian merchant involving the purchase of goods and services using a Visa Prepaid product
• Gold product – a generic name given to Visa Gold single network consumer debit products
• Issuing Institution – a Financial Institution which has applied and been granted membership to Visa in Australia for the purpose of issuing payment products in Australia
• Merchant – an entity which has entered into an agreement to accept Visa products for the purchase of goods and services with an Acquiring Institution which is a member of Visa in Australia
• Online transaction – a transaction that does not take place in a face-to-face channel
• Premium Business product – a commercial product targeted at high value small businesses, for example Visa Business Platinum
• Premium Consumer product – a generic name given to the following products: Visa Platinum, Visa Signature, Visa Infinite, Visa Infinite Privilege and Visa Infinite Private 
• Purchasing product – Commercial products targeted at larger organizations, including Visa Purchasing Cards for general purchasing and procurement and Visa Fleet Cards for managing performance across fossil fuel, electric vehicles and other modes of business mobility
• Rewards product – a generic name given to Visa Rewards single network consumer debit products
• Standard Consumer product – a generic name given to the following products for credit: Visa Classic and Visa Gold. For debit/prepaid: only Visa Classic 
• Super Premium Business product – a commercial product targeted at high net worth small businesses, for example Visa Business Signature
• Tokenized transaction – the transaction must be from a valid token PAN range in accordance with international payment specifications and can apply to contactless, online or recurring transactions