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29/04/2011 -
One of the biggest names in the credit card industry recently announced that it was preparing to increase a payment processing fee, forcing many merchants to pay more for the service.In a recent release, MasterCard said that it would be increasing the interchange rates for users of its World Merit III, a popular rewards card program. According to some industry experts, the higher fees could have a major effect on industries that accept the credit card on a frequent basis.
"World Merit III can be 20 to 30 percent of a retail merchant's MasterCard transactions," said Phil Hinke, founder of MLS Advocate, in an interview with The Green Sheet. "So this increase could have a noticeable impact on a retailer's monthly processing costs."
The credit card announced that starting on April 15, it would be increasing the rates from 1.73 percent to 1.77 percent. It also stated that it would be increasing the transaction fee, known as an assessment fee, from 0.11 percent to 0.12 percent on all purchases of $1,000 or more.
According to a statement on the MasterCard website, it typically updates rates semiannually and publishes each update on its website.
