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The fee increases are scheduled to start in October and April, and could result in merchants paying an additional $502m annually, according to CMSPI, a consulting company that works with merchants. Increases in network fees will make up a little more than half of that revenue, CMSPI estimated. The rest will come from increases in interchange fees, also called swipe fees. Merchants pay these fees when shoppers pay via credit card.
Doug Kantor, general counsel of the National Association of Convenience Stores, said that many businesses are already being hurt by inflation and high interest rates, or still recovering from the pandemic. “It’s just a bad combination and bad timing for any of these fee increases to happen,” Kantor said.
https://www.wsj.com/finance/visa-mastercard-prepare-to-raise-credit-card-fees-ed779be1
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