There are a number of new and enhanced fee structures effective April 1, 2015 being implemented by VISA, MasterCard, Discover Card, and other network providers. Wind River Financial believes in transparency of all association fees applicable to your merchant processing costs, so we will be passing through these new fees with no mark-ups or changes. There are hundreds of fee structures and not all are applicable to all card types or to all merchants, so detailed below are the few that will affect most merchants’ day to day transaction processing costs. For a full listing of these new fees please go to our website in our Client Links and Resource Library and look for the title April 2015 Interchange Modifications.
VISA Interchange Fees and New Programs – Visa will update the US Acquirer International Service Assessment fee (ISA) which is a pass through card brand fee. The increase will be 0.40% on International service sales to a new rate of 0.80% and from 0.40% to 1.20% on IASF multicurrency purchases.
Visa will introduce New FANF rates for Taxpayer IDs with less than $1250.00 of monthly gross sales volume ($15,000 in annual gross sales volume). These changes are designed to lower or eliminate the FANF for Taxpayer IDs with low volume. Taxpayer IDs with less than $200 of monthly gross sales volume will be assessed $0.00 FANF. Taxpayer IDs with gross sales volume between $200.00 and $1250.00 will be assessed 15 basis points (0.15%)
Visa will introduce changes to the US Purchasing and Corporate Card Interchange Fee Program and introduce a new US Straight through Processing Fee program. For details click here.
MasterCard Interchange Fees – MasterCard is modifying the rates for Cross Border Fee Assessments. The assessment for cross-border transactions submitted to MasterCard in the local currency of merchants will change from 0.40% to 0.60%. The assessment for transactions not submitted in the local currency of the merchant will change from 0.80% to 1.0%.
MasterCard is modifying the Merchant and full UCAF interchange rates for both Consumer Credit and Unregulated Consumer Debit. For details click here.
Discover Card Rate Changes for Existing Prepaid Interchange Programs – Discover will implement new interchange rates for various card types. Click here for details.
NYCE Merchant Location Participation Fee – NYCE will implement a new annual Merchant Location Participation Fee of $7.00.
Wind River Fee Changes – Wind River is introducing changes to the DialPay Program. DailPay transactions will be increasing from $0.68 to $1.00 and Wind River is introducing a new billing scheme for iProcess Express merchants. For details click here.