The traditional April/October cycle for changes by the major card brands has been turned upside down this year because of the pandemic. All the major brands delayed the effective date of their scheduled changes. Some are now scheduled to take effect in July – while others have been pushed out to later dates. The specifics of the “later date” changes are unknown at the moment, so I’ll not speculate on those details.
What I can report are the VISA, Mastercard, Discover and American Express OptBlue fee changes that are taking place in July. As always, Wind River Financial believes in transparency of all association fees applicable to your merchant processing costs, so we will be passing through these new fees with no mark-ups or changes.
There are hundreds of fee structures and not all are applicable to all card types or to all merchants, so detailed below are the few that will affect most merchants’ day to day transaction processing costs. Click here for a full listing of these new fees.
Visa will discontinue support of several consumer standard and business standard interchange fee programs while introducing a new non-qualified interchange program category to replace them. Visa will also be introducing a new Supermarket Credit Performance Tier program to replace the current structure. Additionally, they will be modifying the rates for numerous business and commercial credit interchange fee programs.
Mastercard is expanding the Wholesale Travel Program by introducing 5 new commercial business-to-business (B2B) credit product codes and new commercial interchange fee programs.
Discover is modifying several interchange rates for some e-commerce programs as well as implementing a new Micro Ticket interchange program.
American Express OptBlue is introducing a Tier 4 for both Restaurant and Services/Professional Services interchange programs. In addition, they are modifying the rates and rules for Micro and Tiers 1-3 under those same interchange programs.
Wind River is carefully tracking the timing of additional changes. We will keep you apprised by posting full details as they unfold.