There are plans to increase Visa and MasterCard card rates

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Many small businesses may have a new problem after the outbreak of coronovirus – high credit card fees

A new problem for small businesses: Visa and MasterCard plan to increase tariffs. Photo: CNBC

Visa Inc. And MasterCard Inc. This year they plan to increase fees for many operations with payment cards, in some cases, the changes promise major difficulties for small businesses. It is unclear whether new rates will be introduced if the epidemic continues.

In particular, we are talking about interbank commissions that retail banks deduct when their customers pay for purchases using cards. The size of such a board can range from 1% to 3%.

He decided to increase the commission before the virus spread to the United States, so that companies would postpone them or abandon such schemes altogether if the situation in the economy worsened. Both companies have already rescheduled July for changes that should take effect this month.

A Visa spokesperson told the media that the company “has not decided on what changes are to be made; in future, those changes will be taken into account in which enterprises operate today.”

MasterCard did not comment directly on the potential changes, but noted that the moratorium on the introduction of new fees “allowed our customers and partners to focus on their core business to avoid this unprecedented time.”

Summary PAYSPACE magazine

Remember that the American cryptocurrency exchange coinbase was the first such company to achieve “principal member” or full member status of the visa system.

Coinbase has issued a Visa debit card in the UK. Nine months after launch, the Coinbase Card became available in 29 countries, allowing customers to use 10 cryptocurrencies to pay for goods and services, including payment for travel in public transport.

Read: MasterCard launched a platform to purchase parts just after checkout.

By content: Wall street magazine


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