Last Updated: March 21, 2024
You agree that your merchant account will automatically receive the Interchange Management Service (IMS) in connection with using the emergepay product. The goal of the IMS is to help you minimize the costs associated with certain interchange rates for business, corporate, and commercial card transactions (Commercial Transactions).
Interchange is the transfer fee charged by Visa and MasterCard to process a card transaction. Visa and MasterCard apply different interchange rates for Commercial Transactions based on the level of information you provide with each transaction. Providing sales tax amount and a customer code for your eligible Commercial Transactions may help you qualify for lower interchange rates than standard rates; other qualification factors may also apply. If you do not provide the sales tax amount and/or a customer code with your Commercial Transactions, IMS will assign a customer code and/or calculate and transmit the sales tax amount for your Commercial Transactions. We do not represents or warrant any specific results in connection with use of the IMS.
General Terms
We charge a fee for IMS if you receive the Services through a payment arrangement that includes the pass through of all interchange and Payment Network fees. Our fee for IMS is 50% of the savings resulting from interchange rate optimization for Commercial Transactions, as applicable. We do not charge a fee for the IMS if you receive the Services through a payment arrangement where interchange fees are not passed through to you. Please consult your Merchant Processing Application for information on your payment arrangement.
You may opt out of the IMS at any time by notifying us in writing and your request will be processed in accordance with our standard procedures for such changes. If you elect to opt out of the IMS, and do not provide the sales tax amount and/or a customer code with your Commercial Transactions, these transactions will be processed pursuant to standard interchange rates, which may result in an increase to the overall cost of your acceptance of Visa and MasterCard credit card transactions.
Additional Terms
IMS does not affect (1) the total amount of any submitted transactions, or (2) your sales tax collection or reporting obligations under any applicable tax laws or regulations that apply to you or your business.
If a transaction is fully or partially tax-exempt, you should include the tax exempt amount in the transaction information when prompted (even if that amount is $0.00). If you don’t include the tax-exempt amount, IMS will apply your local tax rate to the full amount of the transaction.
We may introduce additional features or updates to IMS in the future. Any new features or updates will be governed by these terms and conditions, and your continued use of IMS will constitute acceptance of the new features and updates and these terms and conditions. Should there be any exceptions or changes that would affect your merchant account, we will provide you with advance notice.
IMS is currently only available for transactions processed through our emergepay product.