Card fees are an increasing cost burden on businesses and their customers. In this video, we reveal the scale of the problem, the causes, and how government and regulators can resolve it with a simple solution.
The EU is currently reviewing the Interchange Fee Regulation (IFR) – a key tool for regulating the excessive card fees, which add to business costs and the price of consumer goods. Today, the IFR does not apply to the full range of card types, fee types and transaction types. This review offers the chance to change that.
Our video helps viewers understand the unnecessarily complex fee structure as it stands today, which hinders both transparency and competition. We show how current regulations can be expanded and simplified in order to prevent abuse by card companies, and ensure that businesses and consumers are adequately protected.
The departure of the UK from the EU would make these changes even more imperative, as British businesses would face significantly higher costs for accepting foreign-issued cards. The UK will keep the substance of the IFR after Brexit, but it would fall to the UK government – rather than the EU – to make the necessary changes that British retailers are calling for.If you want to find out more about reducing your business' transaction costs, we are running a free webinar with practical solutions to suit your business. Register here