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Small Business Center

What the Visa and Mastercard Interchange Settlement Means for Small Business Owners

April 3, 2024

Small businesses that accept credit card payments should take note of the recent settlement agreement between each Visa and Mastercard and merchants, pending court approval. This agreement, stemming from a longstanding lawsuit, aims to reduce swipe fees, providing an estimated $30 billion in savings for businesses over the next five years. Key provisions include lowered swipe rates, capped reductions for a specified duration and enhanced flexibility in surcharging practices. However, anticipate potential adjustments to credit card rewards and perks, and be prepared for implementation to occur post-court approval, likely in late 2024 or early 2025.

To learn more about the settlement, and how it affects small businesses, read Nav’s story.

By Rebecca Meiser

Contributor, Commerce + Communities Today and Small Business Center

Small Business Center

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