f you run a restaurant, you probably don’t have time to think too much about credit card processing rates. However, understanding them can only help your bottom line. Mastercard has specific categories of interchange for restaurants, depending on what type of consumer credit card is used. Core and Enhanced Value credit cards do not receive these rates, but credit cards that offer rewards, like World, World High Value, and World Elite, do. Debit and prepaid cards also receive restaurant rates. In order to receive these rates, the restaurant must be registered under the MasterCard Codes of 5812 (restaurant) or 5814 (quick-serve merchant).
The rates for consumer credit cards are as follows:
World: 1.73% + $0.10
World High Value: 2.20% + $0.10
World Elite: 2.20% + $0.10
Alternatively, the restaurant rate for a debit card is 1.19% + $0.10, and the rate for a prepaid card is 1.19% + $0.10.
There are other qualifications required to receive these rates as well. For example, the transaction must be a “card present” transaction, you must authorize and settle the transaction within 1 day, obtain 1 valid electronic authorization, and consumer credit cards must have a transaction total of $60.00 or less. If the transaction is over $60.00, then the interchange category changes to travel and entertainment, or T&E.
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