Governance

 

payfair is characterised by its open governance. Merchants have direct access to the payfair governance to review with banks the level of intra-parties fees, the fees that are paid by the merchant, through the acquirer, to the issuing banks (referred to as "interchange" in other schemes"). Both banks and merchants have a decisive role for such elements that are critical to the fair functioning of a scheme.

 

This open governance is not only ensuring a fair price today to all stakeholders but also a predictable one for the future. Through this governance, the costs of payfair remain under control for its stakeholders, today and tomorrow.

 

payfair's governance forums are further detailed under the section Rules and Regulations, which is accessible to both members and merchants.

 

Contact payfair if you require access to that section.

 

 

Rules & Regulations

 

Payfair's Rules & Regulations are available under the section Rules & Regulations which are accessible to the members via User Login.

 

Contact payfair to get your User Login.

 

 

Intra-Parties POS Fees

 

payfair is an "interchange free" scheme. A number of schemes promote the use of the interchange concept, leading to an un-transparent pricing mechanism for both banks and merchants.

 

Instead, payfair has opted for a very transparent and cost based mechanism which remunerate each service in an explicit and transparent way. This mechanism is implemented through the so called "intra-parties POS fee".

 

 

 

 

These fees are directly applicable between the merchant (a party accepting payfair cards in its shop) and the issuer (a member of the payfair scheme having issued cards to cardholder and authorising the payment transactions).

 

There are two Intra-parties POS fees in the payfair scheme:

 

A Payment Authorisation fee, to remunerate the payment authorisation provided by the issuer to the merchant

 

A Card Incentive fee: to remunerate (temporarily) the issuer for having equipped the cardholder with an electronic payment device (i.e. a card)

 

The level of these fees is defined by the payfair intra-parties POS model which is discussed by and implemented through the payfair Intra-Parties POS fees Forum (see Governance and Rules and Regulations).

 

 

 

 

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