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Visa Interchange Rates 2024: What You Need to Know

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If your company accepts credit card payments ( which it should ), chances are, you’re going to be affected by Visa’s interchange rates. Visa is one of the biggest payment networks in the world, with ~4.2B cards currently in use. So it’s virtually impossible for a business to not accept Visa cards.

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Merchant Credit Card Fee Guide 2024: How Much Does It Cost to Process Credit Cards?

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For example, the interchange fees for online transactions may be higher due to the higher risk of credit card fraud. Interchange fees are set by credit card issuers, such as Bank of America, Citi, or Chase, and are adjusted every year in April and October. These fees also vary depending on the card network.

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Credit Card Processing for Small Business: 9 Tips for Accepting Payments Securely and Cost-Effectively

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Part of this includes performing regular maintenance on your hardware- and software, and ensuring that your settings are configured for reduced friction. For instance, you should reduce the amount of prompts that an employee or customer might have to click through in order to actually proceed with payment.