A basic example of the increase you will see on credit card processing
- When you process a customer’s payment of $1000, the Standard Visa interchange fee will go up from $29.50 to $31.50
- The same $1000 transaction on a Visa Business Card would see a fee increase from $25.00 to $30.00
On average businesses currently lose over $25.00 on each $1,000 sale.
Credit card processing and merchant services is one of the largest, and fastest-growing, operating costs for businesses. In fact, since 2005, the interchange cost of Visa’s and MasterCard’s premium rewards cards has risen by >24%. Many businesses, particularly those who accept business-to-business (B2B) transactions or online payments, will find the 2021 rate increases further affect their profitability.