The Payment Systems Regulator’s (PSR’s) announcement that it will be taking further steps to increase transparency in the card processing market has been warmly received by The Association of Convenience Stores (ACS). In addition, the PSR will require schemes to provide evidence to support pricing decisions.
The PSR’s draft directions, which it is now consulting on, mark an important moment for retailers who have faced rising card payment costs with little visibility over how fees are set or increased, highlighted ACS. For retailers and other merchants, clearer information and stronger oversight of the card schemes are essential to helping businesses understand, challenge and manage these costs, stated the trade body.
ACS chief executive James Lowman said: “This is a step towards greater transparency which retailers need in order to control the costs of taking card payments. We have worked closely with the PSR over many years, and we want to see the swift implementation of these recommendations and proactive monitoring of the impact these are having on competition and prices in the market.”
ACS will be responding to the PSR consultation.
