Visa is planning biggest changes to swipe fees in decade

Visa is planning biggest changes to swipe fees in decade

Visa Inc is planning the biggest changes in a decade to the rates US merchants pay to accept its cards, hoping to persuade more people to abandon checks and adjusting its fees for new businesses such as ride-hailing services.. Higher rates are looming for transactions on e-commerce sites, while retailers in certain services categories, such as real estate and education, will see fees decline.. Retailers have long complained about the more than $100 billion they spend each year to accept electronic payments, a figure that's grown in recent years as fees increase and consumers flock to premium cards, which carry higher interchange rates.. Payment processors are updating their systems and readying merchants for the new rates, which will be rolled out in April and October, according to the document.. The bank then passes along a portion of the fee to the network involved in the transaction.. Visa declined to comment on the changes proposed in the document..