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According to Visa, small enterprises make up more than 90% of the community.
The deal will lower interchange rates for merchants in the United States and will maintain them there for five years.
The conditions of the agreement give businesses greater latitude in terms of payment acceptance, including the capacity to provide users with their chosen payment options. Additionally, it funds new initiatives that inform small companies about cost control and possibilities for accepting payments.
"By negotiating directly with the U.S. merchant community, we have reached an agreement with significant concessions that address the pain points identified by small businesses," Visa stated.
"The agreement draws a line under a longstanding dispute, providing substantial certainty and benefits to business owners, including flexibility in how they use card programs," Mastercard stated in a news release.
source: cnn.com
The deal will lower interchange rates for merchants in the United States and will maintain them there for five years.
The conditions of the agreement give businesses greater latitude in terms of payment acceptance, including the capacity to provide users with their chosen payment options. Additionally, it funds new initiatives that inform small companies about cost control and possibilities for accepting payments.
"By negotiating directly with the U.S. merchant community, we have reached an agreement with significant concessions that address the pain points identified by small businesses," Visa stated.
"The agreement draws a line under a longstanding dispute, providing substantial certainty and benefits to business owners, including flexibility in how they use card programs," Mastercard stated in a news release.
source: cnn.com