CPS stands for “Custom Payment Service”. The CPS classification is typically known as the best rate structure offered by Visa, and CPS requirements are often the “minimum” qualification requirements for more advanced interchange rates. Read all about CPS here. In a nutshell – you have to first qualify for CPS rates before other more advantageous rate structures will apply. The “CPS Retail” category encompasses traditional consumer credit cards, as opposed to rewards/business/purchasing cards. Barring a few exceptions (below), most merchants are able to receive this interchange rate. Read on to see how different types of CPS Retail cards are assessed.
Standard rates are the worst rates that you can receive on Visa cards. Typically, you’ll receive Standard rates when your sales don’t meet any of the basic qualifications. This can include not submitting AVS data, not settling your sales on time, or failing to submit otherwise required data, based on your merchant type. You want to avoid this rate classification at all costs!
“EIRF” is an acronym for “Electronic Interchange Reimbursement Fee” – and it’s a card-type you’d prefer not to receive, if possible. This is the rate category that many cards will “downgrade” to. Some business types (like restaurants) will auto-downgrade to EIRF for many card types, and an EIRF classification can be totally normal. For standard retailers though, an “EIRF” classification often indicates that data was missing from the transaction when processed, which resulted in a downgrade.
Visa CPS Restaurant rates are only available to restaurants and quick-serve fast food merchants. Restaurant rates are slightly higher than their retail counterparts. Click through to see what card rates restaurants can expect to see, and what potential downgrades will look like.
Standard rates are the worst rates that you can receive on Mastercard transactions. Typically, you’ll receive Standard rates when your sales don’t meet any of the basic qualifications. This can include not submitting AVS data, not settling your sales on time, or failing to submit otherwise required data, based on your merchant type. You want to avoid this rate classification at all costs!
To qualify for the below restaurant rates, merchants must be classified as a restaurant or quick-service merchant (MCC of 5812 or 5814). Quick-serve merchants will only be eligible for debit sales within this rate classification. Read on for the basic qualifications, plus you’ll see each type of card that’s eligible for restaurant rates, along with the associated potential downgrade.
The “Merit I” category is for key-entry and E-Commerce Mastercard sales that meet include AVS and are settled within 1-2 days. Barring a few exceptions, most merchants are able to receive these interchange rates.
Travel & Entertainment merchants typically pay slightly higher rates than other merchant types. This rate category will apply to “premium” cards accepted by T&E merchants.