For those who take credit cards

Not sure if this is in the right place. If not please move it. For those of you who take credit cards. Have you recently gotten notice from your processor that you are going to have to perform a security check on how you run your cards? And the process will have to be verified by your processor. It’s not a scam, I contacted my processor and they told me that Visa and MC are now requiring this and they are going to charge you $150.00 per year for this.
Now with that said. I know in the adult online world visa and mc charge $750.00 for the 1st year an $300 every year after. I can understand in the adult world as there is a ton of fraud. But for standard merchants, I think it’s just another way for these companys to pull money from their customers during hard times. I’m sure like many in this country, because of the crazy interest rates due to the economy, I will not be using my credit card much anymore. So I can see them taking a hit but this is just crazy. I cancelled my processor yesterday and now I’m going back to PNC. But once again did anyone get this request from their processor?

Square is sounding better and better. Like credit card companies don’t have money to cover these costs!

Yep, I had to pay it for merchan one at the beginning of the year. Its prob across the board.

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