On Charged Scheme Fees means Westpac website informs that each of Visa or MasterCard charges the Card Acquirer a Scheme Fee when it processes a Merchant's transactions. Scheme Fees per transaction vary depending on:
- The brand of the card (e.g. MasterCard)
- Where the card was issued (e.g. Australia or overseas)
- The On Charged Scheme Fees reflect your allocation of the aggregate Scheme Fees that Westpac incurs and passes on to the Merchant based on Westpac's calculation of the Card transaction types processed by the Merchant. Just like Scheme Fees, the rate of charge of an On Charged Scheme Fee is both per transaction and % rate of the value of the transaction.
- The Merchant's statement will reflect the total charge in dollar terms and as calculated as a % of the Merchant's total sale amount (identified as the weighted rate).