POS: Three-year ceiling on fees and commissions for transactions up to 10 euros

“Haircut” and ceiling for 3 years on fees and commissions on transactions up to 10 euros with cards via POS for businesses small retail such as convenience stores, bakeries, kiosks and taxis, “green light” to 4,000 businesses that are on the list of Tiresia to be able to acquire “machines” and accept card payments as well as monthly traffic taxes brings an amendment of the ministry National Economy and Finances submitted to Parliament.

The new settings for POS

According to the new settings:

1. Set for a period of 3 years, upper limits of commissions and charges for transactions worth up to 10 euros carried out with debit, credit and prepaid cards private. The measure applies to:

  • Grocery shops and mini markets
  • Press agencies and kiosks
  • Books, magazines, newspapers
  • Smokers’ items, tobacconists
  • Bakeries
  • Taxi
  • Nut and confectionery shops
  • Dairy stores
  • Dry cleaners
  • Shoe repair shops
  • Tailoring, repairing/altering clothes
  • Shops of sewing, knitting, especially fabrics
  • Various food stores, convenience stores, specialty stores
  • Various general merchandise stores
  • Stores of various kinds (convenience stores)

Maximum limits

The reductions in the limits of commissions and charges apply for a period of three years from the entry into force as follows:

A) the maximum settlement fee charged to the merchant by the payment service provider may not exceed 0.50% of the transaction value

B) the maximum interbank commission cannot exceed 0.10% of the transaction value for private debit and prepaid cards and 0.15% of the transaction value for private credit cards

C) the maximum charge of the payment service provider from international card organizations may not exceed 0.10% of the value of the transaction

The measure does not apply to anonymous companies and businesses that have more than 3 card acceptance terminals, which they have received from the same payment service provider.

2. Gives the ‘green light’ to around 4,000 businesses that cannot get a POS because they have debts and are on the Tiresias list. With the new provision until the end of 2025, payment service providers cannot reject a business proposal to draw up a contract for the services of accepting payment cards, providing POS terminals etc. citing low credit rating or ability of the proposing entity etc.. when the proposal includes adequate means of securing providers’ claims. For each violation of the above a fine of 1,000 euros is imposed by AADE.

Source: ot.gr