SAN FRANCISCO—Visa, which is the world’s largest payment network, said it is making changes to how it deals with merchants who want to charge customers extra when paying with a credit card.
In recent months, Visa lowered the maximum amount retailers can charge consumers using the firm’s cards, noted Bloomberg.
“The company has also started sending in-person auditors to ensure stores are complying with its rules when levying such surcharges,” Bloomberg reported. “Visa’s moves come as a growing number of small businesses say they’re feeling pinched by the fees they pay to banks to accept electronic payments. They’ve increasingly turned to card surcharges (interchange) as a way to cover those costs.”
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