Visa and Mastercard have recently made changes to their Interchange Rates, effective 1 September 2020. These changes are happening across multiple card types, including credit and debit, but only affect Interchange Plus pricing merchants.
September 2020 – what’s changing?
Mastercard amended rates:
|Consumer Elite - Card Present||0.770%|
|Consumer Super Premium – Card Present||0.720%|
|Consumer Premium – High Spend – Card Present||0.720%|
Visa amended rates:
What do you need to do?
You don’t need to make any changes. The interchange fee will automatically be applied to Visa and Mastercard transactions after the above implementation dates. Your September Statement will reflect this change.
How will this affect your cost of acceptance?
Depending on the card mix your business accepts, you could see an impact to your ‘Cost of Acceptance’.
The new interchange rates will be applied to your merchant statements and will show your cost of acceptance based on the new rates.