Visa 2009 Annual Report Download - page 15

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Table of Contents
Concentration of Business and Financial Information About Geographic Areas
For more information on the concentration of our operating revenues and for financial information about the geographic areas in which we operate, see
Item 8—Financial Statements and Supplementary Data—Note 14—Enterprise-wide Disclosures and Concentration of Business.
Working Capital Requirements
Payments settlement due from and due to issuing and acquiring customers generally represents our most consistent and substantial liquidity
requirement, arising primarily from the payments settlement of certain credit and debit transactions and the timing of payments settlement between financial
institution customers with settlement currencies other than the U.S. dollar. These settlement receivables and payables generally remain outstanding for one to
two business days, consistent with standard market conventions for domestic transactions and foreign currency transactions. We maintain working capital
sufficient to enable uninterrupted daily settlement. During fiscal 2009, we funded average daily net settlement receivable balances of $117 million, with the
highest daily balance being $322 million.
Seasonality
We do not expect to experience any pronounced seasonality in our business. No individual quarter of fiscal 2009 or fiscal 2008 accounted for more than
30% of our fiscal 2009 or fiscal 2008 operating revenues.
Employees
At September 30, 2009, we employed approximately 5,700 persons worldwide. We consider our relationships with our employees to be good.
Additional Information and SEC Reports
Our Internet address is http://www.visa.com. On our investor relations website, accessible at http://investor.visa.com, we make available free of charge
our annual reports on Form 10-K, our quarterly reports on Form 10-Q, our current reports on Form 8-K and amendments to those reports as soon as
reasonably practicable after they are electronically filed with, or furnished to, the SEC. The information contained on our website, including the information
contained on our investor relations website, is not incorporated by reference into this report or any other report filed with, or furnished to, the SEC.
ITEM 1A. Risk Factors
Legal and Regulatory Risks
Interchange reimbursement fees and related practices are subject to significant legal and regulatory scrutiny worldwide, which may have a material
adverse impact on our revenues, our prospects for future growth and our overall business.
Interchange represents a transfer of value between the financial institutions participating in an open-loop payments network such as ours. On purchase
transactions, interchange reimbursement fees are typically paid to issuers, which are the financial institutions that issue Visa cards to cardholders, by
acquirers, which are the financial institutions that offer Visa network connectivity and payments acceptance services to merchants, in connection with
transactions initiated with cards in our payments system. We set default interchange rates in the United States and other regions. In certain
14