Visa and Mastercard are evaluating if they should follow through with planned fee changes - Business Insider

The fee change plans differ between the two card networks: Reports indicate that Visa's plans would increase fees at restaurants and small businesses, keep them stagnant at small grocery stores, and decrease them for larger grocers, while Mastercard's would increase fees at small grocery stores and businesses, keep them consistent for large grocers, and cut them for transit.

The changes could exacerbate existing fee-related tensions between merchants and card networks, particularly in light of the coronavirus pandemic. The pandemic has hit the retail sector hard, shuttering nonessential retail and surging unemployment — effects that have limited consumer spending. As a result, sellers of all types are likely to face a challenging road to recovery, making the strain from new fees potentially untenable, particularly because interchange was already becoming increasingly costly: US merchants paid $53.6 billion in interchange last year, up 8% annually from 2019.

Drop fees to small businesses & restaurants. Cut them some slack right now!

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Starling offers account holders a second debit card - Business Insider - Business InsiderUK-based digital bank Starling is offering a second debit card to personal account holders who are self-isolating and have helpers who shop for them. Good!
Source: BusinessInsider - 🏆 729. / 51 Read more »

Amazon workers say firm's new time off, sick leave policies are confusing - Business Insider'I don't want to be there but I need the income': Worried Amazon workers say the company's sick leave policy is failing to protect them If labor is ever going to make wage gains now is the time to stand up.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Retired couple hit hard in 2008 made 2 changes to feel confident now - Business InsiderAfter being hit hard in 2008, a retired couple says big changes to their savings and lifestyle helps them feel sure amidst coronavirus uncertainty. PhilliesPhan67
Source: BusinessInsider - 🏆 729. / 51 Read more »

How the $349 billion PPP relief program for small businesses unraveled - Business InsiderAmerica's small-business owners hoped a $349 billion lifeline from Washington would pull them through the pandemic. Here's the inside story of how its launch spectacularly unraveled in 24 hours. I need this money! AnthonyMasonCBS Thank you for not sharing!
Source: BusinessInsider - 🏆 729. / 51 Read more »