August 14th 2019
BRC Video Highlights Cost of Card Acceptance
The British Retail Consortium (BRC) has produced an informative video detailing the cost to merchants of accepting cards – highlighting its opacity and complexity.
The video explains different regulation in the market as well as how this impacts merchants, delving into the different fees, scheme types, card types, regions, and channels of payment that affect a merchant’s cost of acceptance. As well as discussing interchange fee regulation (IFR) and the incoming European Commission deal with Visa and Mastercard on cards issued outside the European Union, there are also suggestions of improvements that could be made to the regulation to further support merchants in the future.
It is crucial for merchants to be aware of their cost of accepting cards: the BRC has estimated this cost merchants around £1 billion in 2017 alone.
