Global payments processors Visa (V.N) and Mastercard (MA.N) are planning to increase fees that many merchants pay when they accept customers' credit cards
In brief:
-The fee increases are scheduled to start in October and April
-Many of the fee increases are for online purchases. Merchants could end up paying an extra $502 million annually in fees.
-Mastercard shares were up 1.3%, while Visa was up 1.1%.
What does this mean?
“We were clear on two points before the story was filed — there are no changes to Mastercard interchange rates and the one Mastercard ‘change’ referenced is an existing service we provide to acquirers, who can activate it as needed to drive a safer and more streamlined checkout experience for consumers,”
