Every year in April and October, the card brands update processing rates and rules.
Verisave has been monitoring developments to provide our clients with advance notice of the changes that will go into effect.
Anticipated rule and rate changes that will impact the broadest number of merchants are highlighted below. While we expect the rule and rate changes below will be implemented, final confirmation of the changes will not be available until October 2024. Verisave will continue to monitor the situation and will update this information accordingly.
- update
- Visa
- New Interchange Program
New Small Merchant Supermarket Program
Visa is expected to introduce a new Small Merchant Supermarket Fee program effective October 18, 2024.
American Express
New Interchange Rates – Opt Blue
American Express is expected to make changes in interchange rates for Utility merchants, effective October 19. 2024.
There will be no changes to Tier 1.
Tier 2 , which is currently for transactions >$1,000, will have a maximum transaction limit of $5,000 and the fee will change from 1.50% to $1.50.
A new tier – Tier 3 – is being added and will apply to transactions over $5,000 with a fee of 2.30%.
Policy Changes
Variable Authorizations
Effective October 11, 2024, American Express is expected to introduce a suite of new and enhanced policies and capabilities for authorizations that will streamline the way that merchants do business with American Express while helping improve the cardmember experience. According to American Express, the changes will result in a simple process for merchants to update authorization amounts, facilitating additional cardmember spending at the merchant. The changes will also reduce excess holds against cardmember accounts and minimize authorization declines. Details will be available in American Express’ October 2024 Merchant Policy Changes.
