The Association of Convenience Stores (ACS) has welcomed the recent announcement from the Payment Systems Regulator (PSR) setting out changes that will give businesses more information on the card payment fees they pay.
The PRS said it will be taking further steps to increase transparency in the card processing market as well as requiring schemes to provide evidence to support pricing decisions.
The PSR’s draft directions, which are now being consulted on, mark an important moment for retailers who have faced rising card payment costs with little visibility over how fees are set or increased.
For retailers and other merchants, clearer information and stronger oversight of the card schemes are essential to helping businesses understand, challenge and manage these costs, the ACS advised.
ACS chief executive, James Lowman (left), said: “This is a step towards greater transparency which retailers need to control the costs of taking card payments.
“We’ve worked closely with the PSR over many years, and we want to see the swift implementation of these recommendations and proactive monitoring of the impact these are having on competition and prices in the market.”
The ACS has said it will respond further after the consultation from the PRS.
ACS welcomes news businesses will get transparency on card fees
No comments yet