Why are my Merchant Service Charge fees changing?
Visa & Mastercard have both increased the cost of processing certain card payments which will affect all acquirers including Worldpay. Your fees will be increased to reflect this change.
Why is my authorisation fee changing?
In line with increased costs from Visa relating to the authorisation of transactions a small increase will apply to your authorisation fee. It’s important to remember that authorisation doesn’t guarantee payment, but does check that the card has not been registered lost or stolen and that there are sufficient funds available in the cardholder’s account at the time of the transaction.
When will these changes take effect?
Your new fee structure will apply from 1 July 2018 and you will see these changes detailed in your July invoice, delivered the first week in August 2018.
How will this change affect me?
The extent of the change will depend on your individual transaction profile – i.e. the volume and average transaction value of the cards you process.
What will other card acquirers / processors do as a result of these changes?
Changes to Card Scheme Fees are industry wide – we expect all card acquirers will have passed on these changing card scheme fees.