02/03/2023
Card-acquiring services are crucial to the UK economy as they enable merchants, like newsagents, restaurants and grocery stores, to accept card payments from customers. This means, every day, people can pay for the goods and services they need by card. With UK credit and debit card payments totalling Β£884 billion, itβs important these services work well for everyone.
Earlier this year, the (PSR) Payment Systems Regulator consulted on four potential remedies to address concerns identified in its card-acquiring market review, which found the market doesnβt work particularly well for merchants with annual card turnover below Β£50 million. Following all the responses the regulator received and engagement with stakeholders, the PSR is proposing three remedies:
Greater Transparency:
Summary boxes containing bespoke key price and non-price information for every merchant which can be used alongside new online quotation tools to help merchants compare prices and other service features more efficiently.
Greater Engagement:
Trigger messages will be sent from providers to merchants to prompt them to shop around, re-negotiate their contract or switch to get the best deal they can.
The Ability to Change Providers Easily:
Contractual limits will be placed on Point of Sale (POS) terminal contracts, so merchants are not discouraged from searching for and switching providers. These will be a maximum duration of 18 months on POS terminal lease and rental contracts, and maximum one month notice after any renewal.
Card acquiring services are very important for the millions of people who pay by card and for the majority of UK businesses who accept cards.
At JMX Pay, we have a wide range of card terminals and tariffs available to suit any budget. We provide flexible short-term contracts, ranging from 1 month rolling to 18 months long. If you are new to the card processing market and looking for a card machine to get your business up and running, or if you are at the renewal stage with your current provider, get in touch with JMX Pay today for a very competitive quotation. Our team of experts are at hand to guide you through the process of finding the most suitable card processing solution for your business.
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