Colin Luce’s Post

MAJOR UPDATE: Visa and Mastercard's $30 Billion Settlement Revolutionizes Payment Fees for U.S. Merchants After decades of contention, Visa and Mastercard have reached a groundbreaking $30 billion settlement, marking a pivotal shift in the payment processing landscape. This agreement, heralding reduced swipe fees and a five-year freeze on rate hikes, represents a significant victory for U.S. merchants, particularly small businesses. Key Takeaways: ► Swipe Fee Reduction: Both giants commit to lower fees, easing financial pressures on merchants. ► Five-Year Rate Freeze: Guarantees stability and predictability in operational costs. ► Enhanced Merchant Flexibility: Offers more control over payment processing, including the option to steer towards preferred payment methods. This deal not only underscores the power of negotiation but also sets a new standard for fairness and transparency in the financial ecosystem. Let's dive deep into how this could reshape merchant strategies and consumer experiences. Your thoughts? Visa's article: https://lnkd.in/dJ3uJ4pG Mastercard's article: https://Inkd.in/dum4ZgDE #Payment Processing #FintechNews #VisaMastercardSettlement #SmallBusinessSupport

💳 BREAKING NEWS: The world of payment optimization has just experienced a major development that could affect how your business manages interchange! Visa and MasterCard have just announced an interchange settlement with merchants, sending ripples across the payments industry. Some key things to look out for in the near future: ⭐ Interchange Rate Reductions: Visa/Mastercard are mandated to implement a system-wide reduction to credit card rates, offering merchants significant processing fee cost reductions. ⭐ Card Acceptance Rules & Modifications: Merchants gain flexibility to offer discounts based on payment methods and issuer preferences, and have more control over digital wallet acceptance and surcharging practices. ⭐ Buying Groups Empowerment: Visa & Mastercard must remove restrictions, enabling merchants to form Merchant Buying Groups to negotiate interchange rates and other aspects on behalf of members. All of these developments, and more, are explained further in our full write-up on the recent settlement: https://lnkd.in/etehKYWh This major settlement will undoubtedly have a big impact on many businesses, as merchants are always looking to reduce their costs of accepting payments. Still, it is yet to be determined exactly what the effects of the settlement will be long-term. At Optimized Payments, our mission is to drive thought leadership in payments and empower merchants to find success in their payments journey. We aim to keep you informed on the latest developments in fintech! Our services are purpose-built to help clients get the most out of their payments. Connect with us today to learn more about how we can work together to create a tailored strategy for boosting revenue and cost savings! https://lnkd.in/gp524HKy #optimizedpayments #paymentsnews #interchange #visa #mastercard

Let's hope that #Stripe and the payment gateways quickly understand what tech companies and Startups know and that it is necessary that this reduction in commissions is reflected in their services and integrations. All for the good of the economy, society and the acceleration of global transactions.

Visa and Mastercard deny hikes to interchange and scheme fees in USA. "The The Wall Street Journal, citing sources and documents it had viewed, reported last week that fee increases were scheduled to start in October and April at Mastercard and rival Visa." WSJ stands by its reporting. Visa and MasterCard deny. Lets see.... #payments #creditcards #debitcards