VISA INTERCHANGE
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Visa announced that it will lower the Interchange Rate on gasoline purchases in an effort to lower the cost for consumers. The first is a “Cap” on debit card transaction fee’s for “Visa Debit Cards”. This change already become effective on July 18, 2008.
A restructuring of the Interchange Rate for gasoline sales will take effect in October 2008, which will lower the fee’s associated with “Visa Credit Cards”, charged to gas stations. Hopefully this is good news for consumers, who are finding hard to make ends meet. With the competitive nature of the gasoline stations, consumers should get some relief as gas station owners pass along the saving on credit card processing to the consumers.
No word yet on Mastercard, but it is likely they will follow suit.
MARK SANDS
http://www.usa-merchantaccount.com
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