COVID-19 Update: Visa’s Swipe Fee Changes Postponed Until July
As a merchant with payment processing responsibilities, your ability to accept payment types is crucial to customer satisfaction at the point of sale. Visa’s interchange rates, which have been largely unchanged for the past 10 years, could face considerable changes, based on transaction type and merchant classification. With the announcement, swipe fees could potentially face substantial increases for some fee categories. With Visa’s decision to adjust its default US interchange rate, the revamped structure is an attempt to promote more payments via card.
As the Coronavirus pandemic affects businesses across the country, Visa has delayed the new rate changes to now begin in July. The updated rollout is timed to give payment processors the ability to update their systems and help merchants prepare for the new rates in an uncertain time.
While the changes amount to just a few cents on every transaction, those pennies quickly add up. PayTech Trust has the experience and the expertise to help your business with expertly crafted merchant service solutions. Retailers have voiced complaints about the “pay to play” fees they incur just to accept electronic payments. As consumers have become savvier, the rise of premium cards has also led to higher interchange rates, which ultimately affect your sustainability as a merchant. Working with the PayTech Trust team is the most effective way to ensure that transaction fees are manageable, and high swipe fees are mitigated through a strategic understanding of interchange policies.
We’re a full-service business process solutions company with established relationships from a broad range of vendors.
Ultimately, rewarding your loyal customers with flexible payment options creates the greatest traction for customer satisfaction. But paying for payments can be a costly barrier to better business. As a way to serve your customers best, let our team provide expert guidance to negotiate better deals for lower pricing.
To begin a dialogue and learn how our expertise can serve you best, contact us today so we can help you navigate the industry-wide changes resulting from Visa’s interchange rates.