{"id":4837,"date":"2020-04-01T17:30:15","date_gmt":"2020-04-01T17:30:15","guid":{"rendered":"https:\/\/www.paymentfacilitator.com\/?p=4837"},"modified":"2022-09-15T08:20:55","modified_gmt":"2022-09-15T14:20:55","slug":"paypal-visa-mastercard-announce-covid-19-measures-to-help-small-businesses","status":"publish","type":"post","link":"http:\/\/infinicept.com\/payment-facilitator\/archive\/paypal-visa-mastercard-announce-covid-19-measures-to-help-small-businesses\/","title":{"rendered":"PayPal, Visa, Mastercard Announce COVID-19 Measures to Help Small Businesses"},"content":{"rendered":"\n

With businesses everywhere reeling from the impacts of\nthe spread of the coronavirus, major payments industry players are stepping up\nto soften the blow.<\/strong><\/p>\n\n\n\n

PayPal announced this week that its business customers could\nrequest to defer repayments on loans and cash advances.  The company is also waiving fees for instant\nfunds transfers and chargebacks under certain conditions.<\/p>\n\n\n\n

“Small businesses are the lifeblood of our national and\nglobal economies, creating jobs and helping local communities and families\nthrive. When they succeed, we all succeed. We are taking immediate steps to\nhelp our small business customers who are most impacted by the coronavirus\npandemic to help them navigate these challenging times,” Dan Schulman,\npresident and CEO of PayPal, said in a press\nrelease. <\/p>\n\n\n\n

“This is just the beginning. We all need to step up to\nsupport our small businesses. We are actively working with governments and\nprivate sector partners to help support businesses in this time of need.”<\/p>\n\n\n\n

According to Bloomberg<\/a>,\nVisa and Mastercard have opted to delay their planned interchange fee changes until\nthis summer. The move is intended to help merchants who are struggling and to\nmaintain stability by avoiding changes to systems during the crisis.<\/p>\n\n\n\n

\u201cNow, more than ever, we\u2019re putting all our power,\ncapabilities, and technology to work to keep commerce flowing,\u201d the article\nquoted Seth Eisen, a spokesman for Mastercard, as saying. <\/p>\n\n\n\n

\u201cTo help our customers and partners manage through this\nunprecedented event, we are pausing updates to some systems while delivering\nthe same level of security and service they receive every day.\u201d<\/p>\n\n\n\n

The networks are planning to push the fee changes, which\nwere scheduled to be implemented in April, back to July.<\/p>\n\n\n\n

While merchants who were planning for rate increases from\nthe card brands welcome the relief, there are some for whom the news means a\ndelay in rate reductions. <\/p>\n\n\n\n

In Canada, the networks were planning to reduce their average\nrates from 1.5% to 1.4% on domestic consumer credit-card transactions to honor\nan agreement with the Canadian government, according to The\nGlobe and Mail<\/a>.<\/p>\n\n\n\n

The networks are considering ways to uphold the agreement,\nincluding offering rebates or larger reductions later. <\/p>\n\n\n\n

\u201cWe remain committed to the interchange undertaking [in\nCanada] and will comply with our commitment,\u201d the article quoted a Visa\nspokesperson as saying.<\/p>\n","protected":false},"excerpt":{"rendered":"

With businesses everywhere reeling from the impacts of the spread of the coronavirus, major payments industry players are stepping up to soften the blow.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[1015],"tags":[192,195,417,502,658,951],"class_list":["post-4837","post","type-post","status-publish","format-standard","hentry","category-archive","tag-coronavirus","tag-covid","tag-interchange","tag-mastercard","tag-paypal","tag-visa"],"acf":[],"_links":{"self":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/comments?post=4837"}],"version-history":[{"count":2,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4837\/revisions"}],"predecessor-version":[{"id":8909,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4837\/revisions\/8909"}],"wp:attachment":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/media?parent=4837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/categories?post=4837"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/tags?post=4837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}