Deciphering the payments stack

Payments, party of four

Four-party system

After you swipe, type or tap

Authorization

Clearing & settlement

How each party makes money

Interchange fee

Assessments

Merchant discount rate (and markups)

Summary of fees

Illustrative fees

Industry landscape

Card networks

Per Nilson Report
FY2014. Per SEC filings.

Card issuers

Per Nilson Report

Merchant acquirers

Per Nilson Report
FY2014. Per SEC filings.

ISOs

FY2014. Per SEC filings.

What’s Next

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operator // investor // advisor

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Stephen Cho

Stephen Cho

operator // investor // advisor

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