Each transaction in this interchange category costs the business 1.89% + $0.10
- This category is for consumer (non-rewards, non-business) credit cards
- Best possible rate for this card type without a physical card swipe
- Must be settled within 3 days
- Internet and phone transactions quality for Merit I if the transaction is electronically authorized
- Transactions at retail merchants will downgrade to this category (from Merit III) if they are not settled within 2 days or if the card is not swiped