“Small” transactions with POS, from 1 to 10 euros, will concern the “haircut” of 50% of the charges from banks, providers and companies (Mastercard, Visa), which the Ministry of National Economy and Finance is going to legislate immediately .
- Supermarkets, department stores and large commercial chains will be exempt from the measure.
The regulation is to be submitted to Parliament early next week at the latest, effectively relieving small businesses such as kiosks, gas stations, taxis, convenience stores and in general small and popular shops with thousands of transactions daily from which they not only make no profit, but in some cases (such as cigarettes) also enter .
The ceiling on the bank commission rate will be horizontal and for all involved in the chain of transactions with plastic money which means that there will be a “ban” on the individual commissions of POS providers 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 share of banks, when their own card is used, a commission is also imposed by them Visa or Mastercard but also from him POS provider. Somehow, the total commission varies on average at 1% (it can even reach 2%). The problem of high fees is multifold for kiosks and street markets, where the cost of using POS reaches in some cases to annihilate the profit margin of merchants.
According to competent sources, the banks appeared willing to even halve their own part of the fees from 0.20% to 0.10% for debit cards, but not the rest of the links that increase the additional individual commissions up to 1% – 2%, as a result of which the ministry intervenes legislatively by putting a ceiling of 0.5% on the amount of charges.
Universal extension of IRIS
- The fee landscape will change anyway as the universal roll-out of IRIS across the market is promoted by the end of 2024, meaning transactions up to €500 will be fee-free.
At a later stage, the possibility of joining the POS and the possibility of paying through IRIS will be considered. In other words, it should not be done only through mobile phones.
- Meanwhile, time is running out to interface cash registers with POS, as the date expires on April 30.
The leadership of YTHETHO has declared that no further extension will be given and that the fines of 10,000 euros and 20,000 euros (depending on the type of books) have already started to be imposed.
AADE has focused these days on the 25,000 “disappeared” who have not made an appointment for the interface, while a solution is being sought for the approximately 10,000 businesses that cannot be supplied with a POS as they are on the list of “Teresia”.
Reportage: Kostas Tsavalos
Tags: POS transactions euros haircut charges concern small businesses street markets
