Visa Planning Big Changes to U.S. Swipe Fees
Visa is planning the biggest changes in a decade to the rates U.S. merchants pay to accept its cards, Bloomberg reports today. The move is aimed at attracting more people to use credit cards for purchases.
Visa’s interchange rates will go up or down depending on the merchant and the way a consumer pays for their purchases. Interchange fees are what merchants pay to the bank that issues the credit or debit card used by a customer to make a purchase from their store.
The information about the rate changes comes from a document Visa sent to banks that outlines the changes. Bloomberg says that transactions on e-commerce sites for example will see higher fees, while retailers in certain services categories, such as real estate and education, will see fees decline.
The changes amount to just a few cents on every transaction. But depending on volume, that can add up quickly to sizable amounts.
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If the small business owner doesn’t like it – he can always go cash only! His decision.
Banks and credit card companies are evil to the small business merchant. All the miles and rewards come out of the merchant’s skin. Easy for banks to offer cash back bonuses and similar.
Not just commission but swipe fees, daily settlement fees, security (PCI) fees, etc. One merchant friend told me about it. They must accept this extortion in order to accept credit cards.
Its business. They don’t like it, they should move on or make their own card. Evil is subjective.
This is probably what you would told the Indians as the pushed from their homelands. Well I hope “business” gets you one day.