FedNow and Credit Card Processing

What is FedNow? FedNow is a real-time payment system created by the US Federal Reserve that went live in the summer of 2023. Its purpose is to enable instant money transfers between banks and other financial institutions, but there are person-to-person (P2P) elements as well. Banks could choose to allow instant payments between users, mimicking …

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Staged Digital Wallet Fees

However, those days are long gone. In early 2017, Visa announced a staged digital wallet fee, which came well after Mastercard imposed a similar fee in 2013. These fees can result in higher interchange costs for small businesses. Which wallets does this affect, and will your business pay more to take digital wallets? Let’s dig …

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