Simplified card processing pricing
Posted on in Business News
The European Commission has ruled to make changes to card payments in Europe (EU) and as such, card processing pricing has been simplified.
From 9th December 2015, the fees banks can charge will be capped at 0.3 per cent for credit card transactions, and an average of 0.2 per cent for domestic debit card transactions.
The European Commission has estimated that interchange fees currently amount to £1bn a year in the UK, although some analysis estimates that the figure could be double this. Figures from the British Retail Consortium have also estimated that an interchange fee cap of 0.2% for debit cards and 0.3% for credit cards could save merchants in the UK £480million each year.
As a result of the simplified fees, ActSmart's partner, Global Payments, has taken the opportunity to simplify the pricing structure on headline rates alongside the changes to interchange fees. Click here to view the new headline rates for ActSmart Gold subscribers using Global Payments.
If you are currently a Global Payments user you should shortly be receiving a letter outlining the new lower headline rates and simplified IDF table.
If you are not yet using Global Payments, switch today to enjoy our lowest ever rates along with over 500 outlets currently using our exclusive package, generating over 1 million card transactions annually worth over £200m.