26 Jul 2021

How Visa and Mastercard revision to interchange rates will affect retailers

As a result of Brexit, Mastercard and Visa will no longer treat the UK as part of the European Economic Area (EEA) for interchange and fee purposes.

 The changes to interchange fees will be effective from October 2021. The impact will differ depending on the individual merchants transaction profile, but in summary, merchant's processing cards issued by EEA countries or commercial cards will see an impact, whereas if a merchant only processes UK customer cards they will see no impact. For contactless payments there is never a chargeback back to the merchant as Mastercard and Visa take full liability for contactless payments, this will remain when the contactless payment limit increases to £100. 

How does this effect Bira members?

If you're a Bira member that uses Global Payments you'll be recieving a letter explaining the changes to your card processing fees by the 30th July. If you have any queries you can find FAQ's on the Global Payments help centre or contact Global Payments directly on 0345 604 0285.

If you're a Bira member who does not use Global Payments than your card processing provider should be in contact with you to let you know how the changes will effect your rates.

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