Payments News

Visa fee update has merchants on edge—what's different this time?

Feb 07, 2020
Visa typically adjusts its interchange rates every April and October, but this year it is getting an atypically strong response.

Bloomberg News, which obtained a letter Visa sent to banks, called this "the biggest changes in a decade," outlining a process that would see swipe fees going up or down depending on merchant type and the way a consumer made the payment.

Visa told PaymentsSource it has no comment on the coming changes, nor did it challenge how they were depicted in news reports. Its letter to banks, summarizing a new system which processors are already working to implement, was met with disdain from some merchant groups, but also some "wait-and-see" attitudes. Merchants agree they are at a disadvantage in having not seen the document Visa sent to banks.

By David Heun

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