Visa revising interregional interchange structure

Checkout.com would like to let you know that effective October 14, 2023, Visa will introduce a revised interregional interchange structure and rates.

After these revisions, all card present and card not present transactions (excluding airline transactions) must be authorized and cleared within three days - excluding Sundays, the implementation date, and the purchase date. Transactions that do not clear within this time will be assessed at a downgrade rate.

The downgrade rate for Visa transactions will be 0.05% higher than the standard rate. Please see our Scheme Fee and Interchange update for full details of the effective fees.

What about Mastercard? 

Mastercard is currently not making any changes to its interchange fees relating to authorization and clearing times, however, similar plans were announced to change its Final Authorization Submission rules in the Europe region, meaning final authorization must be submitted within three calendar days. As already communicated, implementation of this mandate has been delayed until May 22, 2024. 

The scheme fees for Mastercard transactions captured outside the new clearing times are as follows:

• Transactions that are less than €12.00 and not submitted for clearing within three days will be charged a fee of €0.033 per transaction.

• Transactions that are €12.00 and over and not submitted for clearing within three days will be charged a fee of 0.28% per transaction volume.