Visa Inc. will be making its largest adjustments to its swipe fees for U.S. merchants in a decade, according to a document the company sent to banks, Bloomberg reports. The changes in rates will be implemented in April and October, the document stated.
“The U.S. credit interchange structure has been largely unchanged for the past 10 years,” Bloomberg reported that Visa said in the document. “Based on the most recent review in the U.S., Visa is adjusting its default U.S. interchange rate structure to optimize acceptance and usage and reflect the current value of Visa products.”
According to Bloomberg, Visa has lowered rates for industries including health care, real estate and education, and in an effort to expand acceptance of its cards, is including parking, rent and vending machines. E-commerce rates, however, will see higher rates, the article noted.