Retailers are threatening to leave Paymentsense after discovering the company is planning a near-tenfold increase in its charges next year.
The changes vary for different retailers. In one letter sent to an affected store, seen by Better Retailing, the new qualifying rates 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.
Better Retailing understands nine retailers in Scotland have threatened to move to rival Worldpay over the upcoming changes.
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Ferhan Ashiq, of Day-Today Ashiqs in Prestonpans, said: “This is the third increase this year. We shop around to find better rates and we ask Paymentsense if they can match them. They say then can, but they send another letter with increases and the cycle happens all over again. It’s a joke.
“My authorisation fee is set to go up from 0.05p to 0.476p. It’s a near-tenfold increase. A whole bunch of us are leaving Paymentsense as a result of this nonsense.”
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.”
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