October Card Brand Interchange Rate Update

By KimCategories: Network Processing0 Comments

Please view the following message from card processor:

Visa

Visa Commercial Solutions Fee
In April 2024, Visa added a 0.01% assessment to transactions made with Visa Business Solutions products, including business, corporate and purchasing cards. This increase will go into effect in October as we align our processes with the requirements from Visa.

Visa’s New Small Merchant Supermarket Program
Visa is introducing a new program for Small Merchant Supermarkets that includes the following rates.

American Express

American Express is updating their interchange rates for Utilities. They are adding a new maximum transaction limit for Tier 2, updating the interchange rate for Tier 2, and creating an additional tier, Tier 3, with new rates. Tier 1 is not changing and will continue to have a maximum transaction amount of $1,000.00. Tier 2 will have a new maximum transaction amount of $5,000.00. Transactions above $5,000.00 will fall into Tier 3.

These changes will apply to card present and card not present transactions.

Card Present Transactions