Millions of transactions made daily in booths, gas stations, cab, folk and small catering shops and commerce will benefit from the halving of bank fees for card and POS payments.
The government intervenes legislatively in the payment chain with a specific ceiling on the bank commission rate for transactions up to 10 euros. The not ceiling it will be imposed horizontally on the entire “chain” of card payment, i.e. it will concern the individual commissions of banks, liquidators and companies (Mastercard, Visa).
In each POS transaction the fees are broken into three pieces, adding up to the final charge. In addition to the banks’ share, when their own card is used, a commission is also imposed by Visa or Mastercard and also by the provider POS. Somehow, the total commission varies on average at 1% (it can even reach 2%). The problem of high fees is multiplied for kiosks and street markets, where the cost of using POS can in some cases destroy the profit margin of merchants.
In practice, with the legislative intervention being prepared by the Ministry of National Economy and Finance and which will be implemented immediately, the average commission of 1% will be reduced to 0.5%. The measure will concern specific KAD and businesses with the aim of helping the neighborhood “store” and not the large commercial chains. Essentially, the profit margin will be “based” on small businesses that “live” mainly with transactions up to 10 euros and supermarkets and chains in trade and catering, with large turnovers, will be excluded. For example, the supply to the small bakery and the popular one will be “scissored”, but the same will not apply to the large corresponding chain. The same will obviously apply to trade.
As explained by its responsible agents MINISTER the government expected to exist on the part of banks and of liquidators their own intervention to reduce supplies. While banks were willing to even halve their own portion of the fees, from 0.20% to 0.10% for debit cards, the remaining links in the “chain” (i.e. the additional individual fees up to 1% and 2%) do not agree. So the government intervenes and legislates for the three!
Besides, time is running out until the April 30 deadline for the interface of cash registers after POS with the MINISTRY declaring that no new extension will be granted and that the fines of 10,000 euros and 20,000 euros have already begun to be imposed. H AADE daily searches for the 25,000 “disappeared” who have not made an appointment while a solution is sought for the approximately 10,000 businesses that cannot be supplied with POS as they are on the Teiresias list.
At a later stage, the possibility of joining the POS and the ability to pay via IRIS (that is, it should not be done only via mobile phones) as the objective of the Ministry of Finance is the further expansion of the specific payment system in retail trade.
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