EddieJayonCrypto

 30 Aug 23

tl;dr

Visa and Mastercard plan fee hikes for merchants accepting credit cards, potentially costing around $502 million collectively. These increases, effective in October and April, will mainly result from network and interchange fees.

Leading card network giants, Visa and Mastercard, are gearing up to roll out a series of fee increases for merchants who accept credit card payments from shoppers. This fee adjustment, set to take effect in October and April, might cumulatively result in an added expense of around $502 million for merchants, based on insights provided by CMSPI, a renowned consulting firm. The majority of this cost surge will stem from network fees, encompassing slightly more than half of the overall rise, while the remaining portion will arise due to heightened interchange fees, commonly referred to as swipe fees. Although often overlooked by consumers, this fee structure has been a notable point of contention between card networks and merchants. A prior spat between Amazon and Visa over swipe fees was resolved in early 2022, with Amazon contemplating discontinuing acceptance of U.K.-issued Visa cards for payments.

As commerce platforms, both physical storefronts and online websites, consider adapting to the evolving landscape, cryptocurrencies like Bitcoin, Ethereum, Polygon, Bitcoin Cash, XRP, Litecoin, as well as stablecoins such as USDC (Circle), USDT (Tether), and even PYUSD (PayPal) are emerging as alternative payment options. In this context, Rebel Reach stands ready to offer its expertise in helping businesses prepare for this transformative shift. Reach out to us, and together we can create a tailored solution for your business, ensuring you're well-prepared for the future.

Disclaimer

The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.
 22 Dec 24
 22 Dec 24
 22 Dec 24