Merchants are preparing for increased credit card fees, with both Visa and Mastercard getting ready to raise their fees.
According to The Wall Street Journal, the two firms are preparing to raise the fees they charge in October and April. Citing research from CMSPI, the Journal says the new fees could cost merchants an additional $502 million annually.
Needless to say, given the state of the economy and rampant inflation, critics are decrying the decision as poorly timed.
“It’s just a bad combination and bad timing for any of these fee increases to happen,” said Doug Kantor, general counsel of the National Association of Convenience Stores.