In terms of discount rates - that is really what is billed on the "front-end" side of the equation to the merchant.
On the back-end side of actual cost, there are over 100 different Visa & MasterCard categories that a given transaction can fall into.
The exact IC category is determined by factors including the card brand, card type (check/debit, consumer, business, international, rewards), merchant SIC/MCC code, method of sale, and other variables including whether cardholder authentication is used.
Thus, the actual cost varies on a transaction by transaction basis so there isn't really one cost but rather a "mix" of different costs for any given merchant ID within any given span of time.
All that being said... a discount rate of 2.90% is definitely on the high-side but 2.20% is competitive. To get a full picture of cost, however, you'd need to know what % of transactions falls into a higher cost "bucket" (i.e. mid-qualified or non-qualified) and what criteria the merchant processor uses to determine how and what actual IC categories will correspond to those.
These "downgrade costs" are a major difference between one processor and another and a very important aspect of merchant pricing.
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