Major financial service providers Visa and Mastercard are planning to hike up fees paid by merchants when accepting customer credit cards, the Wall Street Journal said Wednesday.
The fees are expected to be enacted in October and April, and could reportedly cost merchants upward of $502 million in total fees per year.
The companies said the fee increases are being implemented to help cover fraud prevention costs and to fund innovation.
Visa’s stock rose 1.1% and Mastercard’s 1.3% following Wednesday’s announcement.
