Merchants will find that their bills for taking cards will change. This is because the charges for VISA debit cards are changing, in most cases, from fixed fee to a % of the transaction. Some merchant acquirers have already advised their merchant base and it is expected the rest will over the coming weeks. The reason for the change is that VISA has changed the way that card issuers charge the merchant acquirers.
For each transaction that the merchant takes with a card holder, part of the charges that the merchant pays the acquirer is paid to the card issuer. This is called the interchange rate.
From April 1 2015 the interchange rate for VISA debit cards will be calculated as a percentage of the transaction, rather than a fixed fee per transaction. This is in line with how charging on all credit cards has always been done.
For merchants who take low value transactions (under £35) this will probably mean a cost saving. For higher value transactions this could mean higher charges on using debit cards.
For more information on how the price change could affect you, please contact BritPay on email@example.com, through our website
or phone 01753 4800 38