Anna Maria Andriotis

speaker

3,396 appearances 52 recordings 1 series first heard Jul 2017 last heard Dec 2022

Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why Shoppers Could Soon See Higher Fees for Credit-Card Purchases · 10 Mar 2022 podcast

One of the sort of broad reaching changes happening with regards to increases voice-verified

has to do with when consumer credit cards are used to make purchases online. voice-verified

So Visa and MasterCard are increasing interchange fees that will apply to many of these purchases. voice-verified

So in Visa's case, Visa says that merchants can avoid the higher fees if they provide certain transaction data, if they use something called Visa's token service, which masks the 60-digit card numbers. voice-verified

which is supposed to therefore result in sort of a lower probability of fraud. voice-verified

Visa did say that it will be lowering fees for online and in-store purchases for some small merchants. voice-verified

So there are a category of small merchants that could see a discount with regards to some Visa fees. voice-verified

MasterCard will also increase fees on more than a dozen in-store purchase categories. voice-verified

Small and mid-sized supermarkets will pay higher interchange fees on most rewards cards when those are used by consumers for shopping. voice-verified

In-store general retail fees will also rise. voice-verified

Now, MasterCard says that the company is also lowering costs for merchants with voice-verified

For example, for merchants with transactions below $5, as well as for hotels, daycare facilities, casual dining, basically for some of the sectors that have been hit hard by the pandemic. voice-verified

Yes, as these costs go up, at least some portion of these costs are baked into the prices that people pay for goods and services, regardless of how they pay for things. voice-verified

I mean, when we look at the sticker price on items that we're buying, whether we're paying for it with cash, debit card, credit card, merchants have factored in. voice-verified

at least some of these fees, and they're essentially baked into the sticker price that we see. voice-verified

Separate from that, there have been more merchants that are charging what's called a surcharge. voice-verified

Basically, you go to the register and you pull out your credit card and the merchant says, okay, we're going to charge you extra for that to cover the costs that we incur. voice-verified

when we accept a credit card payment. voice-verified

So these increases that networks put in place for the merchants do trickle down in different ways to consumers. voice-verified

If a consumer is at a store that surcharges, where you pull out your credit card and the store says, OK, voice-verified

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