As of today, December 9th, the base cost of transactions for debit and credit cards reduces to no more than 0.2% domestic for debits (and lower again for contactless payments), and no more than 0.3% for domestic credit card payments.
The Irish Small and Medium Enterprises Association (ISME) has reminded its members that this is a European Directive and must be introduced as and from today.
In a statement on its website, ISME CEO Mark Fielding commented, “it will be interesting to see if your Bank or Provider passes these reductions on to you immediately.”
He noted that the association has yet to hear of any banking providers announcing that they will, suggesting that while some may have forgotten, “if you don’t know that their costs have been reduced then there is no need to reduce your rates".
The ISME is calling on its members to contact their providers on this matter immediately and take advantage of the cost reduction.
“Even if you currently do not accept card payments, maybe now is the time to change; the costs will be reducing dramatically and packages with no minimum monthly contract payment will be available,” Fielding concludes.
© 2015 - Checkout Magazine by Jenny Whelan.