Visa and Mastercard Rate Increases Coming Soon.

1. Visa and Mastercard
Rate Increases
Coming Soon
Submitted On February 17, 2021
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Twice a year, the card brands issue pricing adjustments to their Interchange
Rates. All of these rates are available for your review at their individual sites.
Due to Covid-19, the usual fall pricing adjustments in 2020, were delayed.
Now, spring is just around the corner, which means it is once again time for
pricing changes from the Card Associations. Since previous adjustments
(translated as "increases") were delayed, these changes are more substantial
than is typical.
These upward adjustments will have an impact on any and all merchants
accepting plastic as a form or payment. The rate increases will vary by card
type and how your transactions are processed whether it be in person, online
or card-not-present. This, of course, couldn't come at a worse time. We have
seen so many businesses that have had to close their doors, either
permanently or, at the very least, have seen revenues dramatically reduced
due to various lock downs across the country. Now, it seems, like things are
finally starting to loosen up a bit and we are beginning to see businesses
reopening even if it is at reduced hours or capacities as mandated by federal,
state or local entities.

2. So, what's a business owner supposed to do? At the very least, take the time
to dig into your current merchant services and get a complete and thorough
understanding of exactly what you are paying for. This is one of the most
significant cost centers in your business and you absolutely need to stay on
top of it and keep your rates under control as much as you are able. Then,
when the customers start flowing back to you, more of those revenues will go
to your bottom line and not to the service provider. There are also
technological and methodical advances that have been developed recently,
that should also be explored, for increasing revenues.
Hopefully, your merchant services rep is one that truly values the relationship
and is not just interested in the commissions earned. They should be on top of
these interchange increases and proactively contacting you to alert you and
make recommendations that will be to your benefit.
Let's all pray that we can see that our country can get back to some form of
normalcy as the year progresses. We live in the greatest nation on earth and
this has been a tough past twelve months but together, we can come back
strong.
Feet-on-the-street, face-to-face with merchants is no longer the norm.
Technology being what it is today, has afforded me the opportunity to spread
my reach nationwide for the past several years, and provide my totally ethical,
informative and transparent services to a nationwide clientele. Sophisticated
EMV and NFC technology. and innovative programs are the future in the
payments industry.