November was a busy month in the payments space. Between earnings results, rate increases, new strategic partnerships, and a significant update in the Visa/Mastercard settlement, there’s a lot to keep pace with.
Here’s my roundup of the biggest stories you should know about:
Visa and Mastercard Agree to $38 Billion Settlement Terms
This is by far the most important headline of the month. While it’s still subject to court approvals, Visa and Mastercard’s new $38 billion settlement would also:
- Cut interchange rates by 10 basis points for the next five years.
- Lower the average interchange rate to 2.25% (down from 2.35%).
- Cap standard consumer cards at 1.25% for 8 years.
- Eliminate “honor all cards” rules.
I personally don’t think that this is enough. The interchange reduction is obviously a positive for businesses. But it’s short-term, and doesn’t offset the rate hikes we’ve seen basically every year.
And eliminating “honor all cards” mandates sounds good on paper (the judge that rejected the previous settlement offer specifically called this out), but it’s not going to be practical for merchants to implement.
Get my full breakdown of the Visa/Mastercard settlement here, including my top five problems with the deal that nobody is talking about.
North (American Bancard) Rate Increases
Just one month after increasing discount rates by up to 0.25% per transaction, North announced that its new Annual Regulatory Fee will be billed at $199 for 2025. This will likely appear on December 2025 statements, and it’s up $30 from last year’s rate of $169.
North is also increasing its PCI compliance fees by $10-15, depending on your compliance status.
Shift4 Increased Rates and Updated its Legal Terms
Shift4’s Annual Regulatory Assurance Fee is being assessed at $325 per device (three device max) on December 2025 statements. This is a pure money grab of up to $975 for most merchants, with no actual benefit or service being provided.
Shift4 also updated its Merchant Processing Terms and Conditions, with the latest version set to go into effect by mid December.
Heartland’s Rebrand to Global Payments is Official
Heartland has been a subsidiary of Global Payments since they were acquired in 2016. But for nearly a decade, the Heartland brand name has been kept alive.
That’s officially over.
By the end of 2025, all Heartland branding and logos will be replaced with Global Payments on monthly statements and payment platforms.
And on brand with Global Payments, Heartland customers can expect an Annual Reporting Fee of up to $410 per location on December 2025 statements (nearly $200 more last year’s fee).
Toast and Uber to Deepen Strategic Partnership
Toast and Uber announced a multi-year global partnership that deepens their existing relationship in an effort to help restaurants grow. Starting in the US and Canada, Toast will make Uber the preferred delivery marketplace for its restaurant customers.
Merchants will also be able to run and manage promotions and local ads on Uber Eats directly from the Toast platform in 2026.
Uber Eats, Uber Direct, and Toast Delivery Services will all be integrated to streamline ordering and reduce friction, with plans to expand these capabilities to the UK, Canada, and Ireland.
Global Payments Partners With Uber Eats
Global Payments is also partnering with Uber Eats, though this announcement is specifically focused on Global’s enterprise-level Genius POS platform (rather than Toast’s broader restaurant market).
Restaurants using Genius will have Uber Eats integrated as the preferred delivery partner of Global Payments.
PayPal Re-Launches in the UK
PayPal relaunched its full suite of payment services in the UK, following nearly two years of restructuring following its exit. PayPal’s services have been restructured to comply with EU standards and includes a new UK-based entity.
The relaunch introduces PayPal+, a global loyalty program that’s being rolled out in the UK before any other market.
Adyen Releases Two New Payment Terminals
Adyen announced the release of two new terminals designed for “challenging environments” across industries like retail, restaurant, beauty, and wellness.
- S1E4 Pro
- S1F4 Pro
The S1E4 Pro is built for high-volume restaurants and bars, that’s built to be spill-proof, dust-proof, and drop-proof.
And the S1F4 Pro is an all-in-one terminal with an integrated printer designed for retail and service restaurants. It works as a dedicated countertop POS when it’s docked, but also has a mobile terminal that can be used on the floor.
Summary of the Latest Earnings Results
It’s important for businesses to keep pace with earnings results and investor calls, as they’re often a predictor of rate increases to come within the next 12 months.
Here are some key results from November:
Toast Q3 2025 Results
- Total revenue up 25.1% (vs. 24.8% in Q2)
- $51.5 billion GPV (24% growth year-over-year).
- 7,500 net locations added (156,000 total locations)
- Signed TGI Friday’s and Nordstrom cafes.
- Plans to make small targeted price changes.
Global Payments Q3 2025 Results
- 3% increase in adjusted net revenue.
- 2.2% increase in merchant solutions adjusted net revenue.
- Expecting 6% growth in FY25 merchant solution adjusted net revenue.
- 90% of Genius sales are being made to new customers.
- Worldpay acquisition expected to close in Q1 2026
FIS Q3 2025 Results
- 6.3% increase in adjusted revenue (vs. 5% Q2)
- 41.1% increase in adjusted EBITDA margin.
- Net pricing environment is “stable”.
- 3% improvement in renewal retention.
- 6% growth in debit transactions, and NYCE network sales doubled.
Shift4 Q3 2025 Results
- 61% year-over-year increase in gross revenue (less network fees).
- Same-store volatility in the restaurant and hospitality markets (negative skew compared to expectations).
- Adding 1,300+ international restaurants each month.
- On track with the Global Blue integration plan.
- Agreed to acquire Bambora (Worldline) with the transaction expected to close in 2026.
Adyen Investor Day Results
- 20% growth in net revenue expected.
- 55% EBITDA margins expected by 2028.
- Launching personalized checkout within Adyen Uplift suite.
- Hold banking licenses in the US, UK, and Europe.
- Planning to experiment in 2026 with agentic commerce.
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