CPS Passenger Transport
CPS Passenger Transport is a Visa credit card interchange rate. Merchants that operate taxi and limo services pay this rate. The transaction can be either card present or card not present, the interchange rate is the same either way.
Interchange fee: 1.70% + $0.10
- Transaction can be full magnetic stripe read or key-entered.
- Transaction settled within 7 days of authorization, authorization response data included in settled transaction.
- Transactions must include address verification request, ticket number and passenger itinerary information.
Wait a minute, why is the interchange fee the same for both card present AND card not present, I thought keyed in sales are higher risk, so have to cost more?
Credit and debit cards do not always have a higher interchange cost when they are keyed in vs swiped. Some do and some don't. It varies depending on the type of card, and the type of merchant accepting the card. In fact, many cards are the same cost either way.