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Written by: RJ
PYMNTS is reporting Visa & Mastercard will being increasing processing fees in October and April. It appears that many of the increases will be aimed at online purchases. The consulting company CMSPI is predicting merchants could pay ~$502 million/year with this increase.
A Mastercard spokesman replied with this:
“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,”
Visa has not yet provided a comment
Thoughts
These fee hikes have been in the works for some time now. I’d assume the MC reply is more so wanting to control the narrative with a well written PR statement over having dates leaked out.
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…”October an April”… Is that supposed to read and?
Good thing nobody reads this site.. fixed.