What’s changing?
Visa will be adding a new interchange category for Insurance merchants effective September 1, 2018 in Australia.
What does this mean for me?
If you’re a merchant who’s an Interchange Plus merchant, your cost of accepting payments via these card types may change.
Your current fee / rate structure will change, meaning you’ll likely see a change in the current interchange fee you pay on Visa Debit and Visa Credit transactions.
What do I need to do?
You won’t need to make any changes. The interchange fee will automatically be applied to any transaction after 1 September 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 take effect 1 September 2018 so your statement for September (issued in October) 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:
Visa (to be updated by September 1, 2018)
Visa interchange on Domestic Transactions in Australia
Mastercard
Want to know more?
Visit our interchange categories definitions page for more information.
