Visa and Mastercard have made recent changes to their Interchange Rate structures which come into effect December 2018 in Australia.
What does this mean for me?
Changes to the Visa Interchange Rates will come into effect on 1 December 2018 will have the following impact to merchants:
- Credit Platinum is being adjusted down from 0.770% (incl. GST) to 0.759% (incl. GST)
Changes to the Mastercard Interchange Rates will come into effect on 1 December 2018 will have the following impact on merchants:
- Consumer Premium – High Spend is being adjusted down from 0.825% (incl. GST) to 0.814% (incl. GST)
- Consumer Premium is being adjusted down from 0.550% (incl. GST) to 0.539% (incl. GST)
Merchants who accept these card types could see a reduction to their interchange rates.
Interchange Rate structure changes impact only Interchange Plus pricing merchants and your cost of accepting payments via these card types may change.
What do I need to do?
You won’t need to make any changes. The interchange fee will automatically be applied to Visa and Mastercard transactions after 1 December 2018.
How will this affect my Cost of Acceptance?
Depending on your card mix acceptance, you could see a reduction in your interchange rates. The new interchange rates will be applied to your merchant statements and will show your cost of acceptance based on the new rates.
How can I find out more about interchange fees?
Interchange Fees information is published by the schemes and you can find this information by clicking on the links below:
Want to know more?
Visit our interchange categories definitions page for more information.