The rates U.S. merchants pay to accept Visa cards at their stores will see its highest rise in a decade, according to a new report from Bloomberg.
Visa’s interchange rates, which are fees charged each time a consumer uses a card, will rise or fall depending on the specific place where a transaction is occurring and how the consumer is paying, according to a report from Visa obtained by Bloomberg.
Higher interchange fees will hit e-commerce purchases. However, some merchants in real estate and education, will see fees decline, reports Bloomberg.
Though the interchange fees account for just a few cents on every transaction, they add up quickly. Retailers have complained about the $100 billion they spend each year to accept electronic payments. Those rates have only grown over the past years as fees increased and consumers begin using premium cards, which carry higher interchange fees, according to Bloomberg.
The new rates could be ready between in April and October as Visa prepares a two-step rollout process, according to the report.
“With Visa’s changes, the interchange rate for so-called card-not-present transactions, which include those made online or over the phone, will increase. For a traditional Visa card, the fee on a $100 transaction will climb to $1.99 from $1.90. For premium Visa cards, the fee will rise to $2.60 from $2.50,” Bloomberg reports.