July 2024 Payments News Roundup

As we enter the second half of 2024, the payment processing industry continues to evolve with notable changes from major players. This month’s roundup covers significant rate increases from Toast, Worldpay, and Lightspeed—potentially impacting your bottom lines. 

We’ll also explore new features and partnerships that are sending shockwaves through the industry. Read on so you can stay informed about these shifts to make the best decisions for your company’s payment processing needs.

Toast Announces Rate Increase For Payment Processing

In July, Toast notified merchants of a 0.23% per transaction rate increase that goes into effect on September 1, 2024.

The rate hike will be applied to all card-present transactions for Visa, Mastercard, and Discover.

If you read our Toast review, this rate increase should come as no surprise. That’s because Toast executives literally said that they’re planning an ongoing cadence of small, steady price changes starting with 2H 2024. 

So be on the lookout for even more increases before the year closes. You can monitor this on our dedicated page for Toast rate increases and updates. 

Worldpay Updates and Rate Increases

There are several noteworthy announcements from July that apply to merchants using Worldpay for payment processing. Here’s a quick summary in chronological order.

• Reporting for PINless debit transactions changed on 7/11/24 with a new transaction type and new prime message type.
• As of 7/23/24, MFA must be enabled—meaning merchants are no longer required to answer security questions when logging into online iQ merchant services.
• Next Day Funding Fee is increasing to $9.95 per month effective 8/1/24.
• New “Processing Endpoint” column can be found on ecommerce VAP Sessions reports as of 8/15/24.

For additional details on these updates, refer to our Worldpay rate increases page. You can also check out our Worldpay review to learn more about our experience working with this payment processor. 

Lightspeed Increase

Lightspeed, an industry leader in retail and restaurant POS, just announced a rate hike that goes into effect on August 30, 2024.

The new processing rate for card present transactions is 2.4% + $0.10, and card-not-present transactions are increasing to 2.9% + $0.30 per transaction. 

Read more about Lightspeed’s rates here. 

Helcim Launches a New Contract Buyout Program

On July 17, 2024, payment processor Helcim launched a new contract buyout program. 

If you’re stuck in a contract but want to switch to Helcim, they’ll waive $500 in processing fees when you switch. It’s Helcmin’s way of helping to cover the costs associated with early termination fees. 

While this may seem like a good deal, it won’t be enough to cover your penalties if you have a liquidated damages clause in your contract. 

It’s also worth noting that here at MCC, we typically don’t recommend switching payment processors. Most merchants want to switch because they think they can get a better price elsewhere. But in reality, you have a better chance of saving money by negotiating directly with your existing processor. 

So if you want to reduce your rates without having to switch, contact our team here at MCC for a free audit. 

Stripe Expands Partnership With Sage

Sage and just announced that they’re expanding their partnership with Stripe, with the goal of helping small and midsize businesses improve payment processing while simultaneously managing cash flow. 

Merchants using Sage can get paid quicker, and they’ll have access to new features—including tap-to-pay and automatic reconciliation for bank transfers. They’ll also have the ability to accept additional payment methods and access a unified payments experience without any additional hardware. 

For more information, check out this press release from the Sage newsroom. We also have a resource that provides the latest Stripe rates for payment processing. 

Lightspeed Launches New Features

Lightspeed just launched a slew of new features for both of its major niches—retail and hospitality. 

New Lightspeed Features for Retail

• Omnichannel loyalty program
• B2B ordering with Lightspeed’s NuORDER Assortments solution
• New data for landed costs
• New inventory management and inventory auditing features on desktop and mobile
• Automated collection, management, and publishing of product reviews

New Lightspeed Features for Hospitality

• Expanded tableside ordering features in the UK and Canada
• Partnership with Uber Direct and Uber Eats
• WEB-SRM certification in Quebec
• Restaurants in France and Australia now have access to tap-to-pay on iPhone

VizyPay Announces New Features and Strategic Partnerships

VizyPay is a newer player in the payment processing space. Founded in 2017, they work specifically with small and mid-sized businesses with the goal of providing more affordable payment solutions.

But the company is growing rapidly, and they’re projected to process $2 billion in 2024. 

Here are some of the most noteworthy takeaways from VizyPay’s mid-year report include:

The payments provider is furthering its strategic partnership with Clover. VizyPay just invested another $800,000 in Clover hardware, after they already purchased $500,000 worth of Clover equipment back in January. 

They also added a new dual pricing feature to VizyPay’s True Cash Discount App that allows merchants to maximize profits on all transactions.

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