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Visa Fixed Acquirer Network Fee (FANF)

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Monday, 30 April 2012

Starting May 1, 2012, all merchants that accept Visa are going to be in for a surprise.  There is a new fee that Visa will be charging every location that accepts Visa.  This fee is something being hidden from merchants and it is hard to find out exactly what the charges are, but it looks like it will be .005% that merchants will be paying every month.  We called Moneris (3Gstore's current merchant provider) and they couldn't even tell us what the rates were - we would have to wait for our statement to come.

Reports floating around indicate that Visa will be adding 800 million dollars to thier bottom line by pick pocketing merchants.  Once merchants realize that this fee secretly shows up on their monthyl merchant statements, guess what will happen?  Merchants will pass on the cost to the end user.  So, this is a bad thing, as many consumers are struggling with gas prices and mortgage prices and just making ends meet.

So, what can merchants and consumers do to combat the Visa FANF Fee ?  The answer is very simple.  Signup and get a Paypal account and start using Paypal for your online purchases.  Many retail establishments like Home Depot are starting to accept Paypal as well - so it just isn't for online purchases.  Paypal is also a LOT safer when purchasing online, because your credit card number is never exposedto the merchant - so this could help eliminate credit card fraud.

We are 3Gstore.com , encourage our customers to start using Paypal - you will be glad that you did.

What are your thoughts on the Visa FANF Fee?

 

 




Last Updated ( Monday, 30 April 2012 )
 
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