SAN FRANCISCO — Breaking with previous practice and signaling its new commitment to more transparency, Visa USA has gone public with its interchange schedule that took effect on April 14.
"Visa constantly evaluates the marketplace to determine interchange rates. A number of factors are assessed when reviewing interchange, including the specific product, the value provided to the merchant, the type of merchant business, how a transaction is processed, the risk associated with a transaction, the rates associated with competitive and substitute payment products, and other elements," said Rhonda Bentz, vice president with Visa USA. "Revenue from interchange helps to sustain the many stakeholder services provided by Visa's member financial institutions," Bentz added.
In previous years the card brand has generally kept its interchange schedules strictly confidential to its members, and Bentz acknowledged the shift in policy reflects a new direction toward being more open about a topic that has grown in importance.
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