Card terminal provider Paymentsense is to change its processing fees next year, leading to increased charges for some stores.
In a letter sent to retailers, seen by Better Retailing, the card payments provider said it would change Visa, Mastercard and Maestro fees from 1 February.
Although the terms varied for different retailers, new qualifying rates for some were 1.234% for consumer credit, 0.400% plus £0.029 for debit and 2.093% for business, corporate and purchasing rates across Visa and Mastercard transactions.
Retailers urged to accept cash payments that match new £100 contactless limit
Ferhan Ashiq, of Day-Today Ashiqs in Prestonpans, told Better Retailing: “This is the third increase this year. Retailers are leaving Paymentsense as a result of this. My authorisation rate has gone up from 0.05p to 0.476p. It seems so wrong that card volumes across the UK are going up, but transaction costs aren’t going down.”
A spokesperson for Paymentsense said: “Each year, we review our fees in line with increases in industry charges, which have a flow on effect to what our customers pay for card payments, as well as our investment into improving products and services. The fees taking effect from February 2022 vary depending on card turnover and the mix of card types accepted. We will continue to offer low rates and we always put our customers first. Now that we have been made aware of this particular case, we have reached out to the customer to understand more about their situation, and will be working closely with them to find a resolution.”
Read more card payment news and advice
Comments
This article doesn't have any comments yet, be the first!