Transforming the financial industry can best be done from within. Visa has recently unveiled its very ambitious plans, which aim to benefit small businesses first and foremost.
The current financial system has incredibly high fees associated with it.
Especially for small businesses accepting debit and credit card payments, those fees add up quickly.
Visa acknowledges that something needs to change.
The company is currently experimenting with a new structure for merchants in the US.
In doing so, the card giant hopes to have more merchants ditch checks and focus more on payment cards.
Fees will decline among education and real estate.
E-commerce, on the other hand, will yield even higher fees than ever before.
It is a very interesting mix of ideas, albeit one that may prove virtually impossible to push through.
By adjusting the US interchange rate, Visa wants to optimize acceptance and usage of its own products.
It is now up to merchants to review these changes and determine if they want to go ahead with it..
Visa is already in talks with payment processors to update their systems.
This implementation will occur through two phases.
Since every card issuer has its own interchange policies, this change was long overdue.
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