07 Apr Credit Card Processing Fees
Beginning on April 22nd Canadian credit card processing fees will undergo a small shuffle. It’s a bit of a mixed bag as Visa and Mastercard rates will be going in opposite directions.
Mastercard will be going up and Visa down, but only for very specific types of transactions. eCommerce purchases made using some of the more common Mastercard types will now cost merchants an additional 6 to 16 basis points.
Visa will be reducing rates by 10 basis points on several popular card types when merchants store cardholder credentials in secure, encrypted virtual terminals.
Both rate adjustments appear to be driven by credit card fraud trends. eCommerce in particular has seen a sustained spike in fraud activity. One of the best ways for businesses to combat bad actors is to store customer credentials within highly encrypted payment environments. #merchantservices #creditcardprocessing #rates
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