Visa and Mastercard are planning to increase credit card fees, according to close sources

The Wall Street Journal reported on Wednesday that global payment processors Visa (V.N) and Mastercard (MA.N) are planning to increase the fees that many merchants have to pay when they accept customer credit cards.

According to the report, the fee increase is expected to start in October and April, citing those familiar with the matter and documents that WSJ has seen.

WSJ stated that many of the fee increases are for online purchases.

The interchange fee is the charge that sellers have to pay to the card-issuing bank every time a consumer swipes their card. Regulatory bodies have previously mentioned that any increase in the fee that sellers have to pay to card-issuing organizations usually gets passed on to the consumer.