What happens in the 2 seconds after you tap your card
Interchange fees: who takes a cut of every card payment
Pay $10 by card, and the shop gets a little less than $10. The missing cents are card fees, and three companies share them. Your own bank is one of them, even though you never pay it a fee.
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1
Rono's bank kept 20 cents of your $8. That is what a card payment costs a shop, the merchant service charge, and Rono agreed to it when he got his terminal.
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2
Rono's bank does not keep all 20 cents. It hands 12 cents to your bank and 1 cent to the card network, and keeps 7 cents for itself.
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