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The PSR carried out a market review to make sure that businesses were getting value for money on card services; this review found that these services weren't working well for businesses with annual turnover below £50 million. Some of the reasons for this included finding it difficult to compare prices and services, and being locked into lengthy contracts for card readers. 

In January this year, the PSR consulted on a package of remedies to help businesses, and therefore also consumers, get the best deal possible; the PSR published a provisional decision on these remedies in June.  

Today the regulator has outlined Specific Directions for 14 of the most significant providers of card-acquiring services to make sure businesses are protected and get the best services available by shopping around or negotiating, potentially saving them up to £5,400 per year in fees. These Specific Directions will make sure these firms: 

  • Provide trigger messages to businesses reminding them at the end of their contract term that they could get a better deal if they shopped around. 
  • Provide summary information boxes of the card fees businesses are charged and provide an initial online quotation tool of key charges to help them make informed choices. 
  • Allow businesses to switch card acquiring providers easily by requiring that Point of Sale (POS) terminal contracts do not run for more than 18 months.