Merchants face higher credit card transaction fees come April
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Merchants could see higher fees for credit card transactions beginning after April. Both Visa and Mastercard are planning on raising interchange fees for some transactions, including at smaller supermarkets and restaurants, the Wall Street Journal reported.
Smaller merchants often urged their consumers to pay in cash or didn’t accept credit cards at all because of the cut that Visa, Mastercard and other banks take. For many, the pandemic has made that impossible, forcing them to rely on online purchases and card transactions. Online transactions can come with higher fees for merchants.
How has your business contended with interchange fees? Are you passing any additional costs onto consumers?
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President/Owner at Builder Specialty Sales, Inc.
3 年Here we go again.......yet again big corporations lining their pockets taking advantage of the public’s pandemic fears. The experts told us to use cards and avoid handling money to reduce the transmission of the virus. Seeing that more people now are doing that and the card purchasing transactions have increased they are enjoying higher profits from the increase in the number of transactions. But an increase in volume is not enuff for them.
Protective Security Officer
4 年This seems like a form of price gouging on the part of Visa and MC. Raising cc transaction fees for online purchases when so many businesses have been forced to do much more business online seems predatory to me.
Expense Reduction Expert. CPA. CFO Connector. Business Owner.
4 年Looks like bad/poor form - The pandemic is forcing an increased use of credit cards to minimize contact so the processors benefit from higher volumes ... yet they still increase their fees?
Owner, MW Enterprises
4 年Thanks for sharing
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