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.
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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