Card economics
Issuer vs acquirer, interchange / MDR breakdown, loyalty, network tokens, chargeback disputes. Where the basis points actually go.
5 hands-on lessons in this topic. Read each one free, then practice it on a real double-entry ledger in the lab.
- Lesson 56
Issuer vs acquirer: same swipe, different ledger
Two fintechs touch the same card payment. Their books look nothing alike.
- Lesson 57
Interchange, scheme fees, MDR: where the money actually goes
A ₦10,000 swipe pays five different actors. Here's the math.
- Lesson 58
Loyalty and rewards: a deferred-revenue liability hiding in plain sight
Every point you give a user is debt. Real debt. With an interest expense.
- Lesson 59
Network tokens vs PSP tokens: the same card, different replacement chains
When a card expires, one of these breaks. The other doesn't.
- Lesson 60
Chargeback dispute lifecycle: representment to arbitration
Lesson 11 was the chargeback. This is when you fight back.