Impending rule and rate changes that will impact the merchants.
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.
Impending rule and rate changes that will impact the broadest number of merchants are highlighted below. We anticipate the rule changes below will be implemented, but final confirmation of the changes will not be available until April. Verisave will continue to monitor the situation and update this information accordingly.
Visa
New Commercial Solutions Fee – US
In April 2024, Visa is expected to introduce a fee of 0.01% that will apply to POS transactions using Visa Business Solutions Products (e.g., business credit and purchasing cards).
Account Name Inquiry Fee Increase – US
In April 2024, Visa is expected to increase the Visa Account Name Inquiry Fee from $0.05 to $0.10 for each account name inquiry performed as part of a zero-amount account verification transaction.
Mastercard
Acquirer Brand Volume Fee (Assessment Fee) Increase – US
In April 2024, Mastercard is expected to increase the acquirer brand volume fee from 0.13% to 0.14% for transactions less than $1000 and from 0.14% to 0.15% for transactions greater than or equal to $1000.
New Mail Order/Telephone Order Fee -US
In April 2024, Mastercard is expected to introduce a new 0.015% fee on all cleared transactions defined as Mail Order/Telephone Order transactions.
Network Access and Brand Usage Fee (NABU) Extended – US
In April 2024, Mastercard is expected to extend the Network Access and Brand Usage Fee (NABU) of $0.0295 to apply to non-domestic authorizations as well as non-domestic collection-only and non-domestic sale/purchase and refund/credit transactions.
Digital Enablement Fee Revisions – US
In April 2024, Mastercard is expected to revise its Digital Enablement Fee structure for card not present transactions. For transactions greater than or equal to $1000, a fixed rate of $0.40 will apply. For transactions less than $1,000 the prior fee of 0.02% with a minimum fee of $.02 will still apply.
If your business is looking to better manage your merchant account or reduce fees, we’re here to help. We fix and monitor your existing merchant account, and we bring that money back to you. No need to change processors or add a project to your team’s already hectic workload. Schedule a consultation today.
Verisave is a third-party cost-reduction firm specializing in merchant accounts and credit card processing fees.
Verisave is not a payment processor, and is not affiliated with any processors, card brands, or banks.
Verisave has more than 20 years of experience optimizing and monitoring the credit card processing industry.