Big changes in merchant fees

Jul 9, 2021

Now more than ever, it’s important to know what you’re paying, and why


Now more than ever, it’s important to know what you’re paying, and why

Have you heard the news? Visa, Mastercard, and Discover made BIG adjustments to their rates. We know, we know – it’s a dry topic. However, it’s important to know what this means for your business: Your bottom line could be impacted. There may be substantial changes to the fees you pay for credit card acceptance.

These updates were originally scheduled for April 2020, but were pushed back to April 2021 due to the COVID-19 pandemic. Although it’s only been a few months, we already see the effects they’re having on businesses. To avoid paying more than you should, there are ways to make sure you’re getting the best rate possible. First, make sure your merchant account is coded properly. There are categories for each industry with different rules and fees. Second, make sure your pricing structure isn’t bundled or flat rate. This can result in overpaying for some transactions.

If all of this sounds overwhelming – you’re not alone. Afterall, your job is to grow your business, not study merchant services. That is where we step in. We take time to learn about your business, your customers, and ensure your account is set up correctly for your industry. For each of our clients, we look at all of these factors to create a custom program that helps them meet their goals. Merchant services is not a one-size fits all industry. If you are interested in an account review, contact us at 888-697-8831 or

The bottom line: rates and pricing structures have changed, and your company may be impacted. The payments industry evolves quickly, and what worked a year ago could be different today. Your best plan of action is to partner with a trusted payments expert to see what, if anything, should be adjusted.