As we reported last month, Visa, Mastercard, AMEX and Discover planned to implement changes to their interchange rates beginning in April. However, due to the COVID-19 pandemic, all of the card brands announced last week they are postponing the roll-out date.
This is welcome news for many merchants whose business has been affected by the pandemic, including merchants that are experiencing a spike in their card not present transactions. The rate for card not present is expected to increase as a part of the new interchange rate structure.
Visa, Mastercard and Discover have postponed their changes until July, and AMEX has pushed its roll-out date to October. Wind River is carefully tracking the timing and will continue to monitor any changes to scope that result from the delay. We will keep you apprised by posting full details as they unfold.
Lastly, in case you missed it, Wind River has created a special COVID-19 Business Resource Hub to keep businesses current with important information on economic relief, industry updates, and tips for payment processing and security. To keep pace with the rapidly changing COVID-19 situation, we update the Business Resource Hub frequently. I encourage you to check it out.