We want to inform you of the upcoming changes in the UK and the European cards processing.
From the 1st of January 2021, the United Kingdom is no longer part of the EEA, Mastercard and Visa have announced revisions to interchange rates applicable to the payment transactions between the UK and the EEA.
The new rates will come into force in October 2021.
The updated interchange fees will be effective as of October, 15:
- For the EEA merchants, both Mastercard and Visa payments from the UK-issued cards will be classified as International with the corresponding cost application.
- For the UK merchants, both Mastercard and Visa payments from EEA-issued cards will be classified as International with the corresponding cost application.
Thank you for your business
CommerceGate Customer Success Team