The new rules, which have now been made into the law as of Saturday, will mean all surcharges are banned when businesses process card payments.
So there will be no charges for paying by debit or credit card, including American Express and linked ways of paying such as PayPal or Apple Pay.
As an example, when booking flights, you will no longer be charged extra for paying via credit card. Below are a few examples of charges. (from Money Saving Expert)
It is estimated that surcharging cost Brits £166 million in 2015.
The rules will apply to any UK company which is selling to UK consumers.
The reason this is being mentioned in a blog on GDPUK is……
One because of our offer for members, where we can save dental practice money on their card payment fees, which are obviously different area when compared to the new law above but still relevant.
Secondly, businesses often charge these extra charges as listed above (especially smaller businesses such as dental practices) because of the fees the business was paying the merchant supplying the card service and they were passing on the charge to the consumer.
So therefore checking your card machine rate is more important than ever.
One of way of helping small business owners reduce these costs is by checking your rate. Card payment services can be very costly to dental practices and other small businesses. By comparing your rate, you can reduce your monthly bills by up to 60%. That could mean an annual saving of several thousands of pounds.
Find out more info here via GDPUK Services. Just fill out the form at the bottom of the page and within a few days you can be making savings. Just Switch and Save!
This offer is primarily for dental practices but we can also look at other businesses that take card payments on a daily basis and see how we can help reduce your costs. Just enquire via the form on the GDPUK Services page.
Further info about the EU Payment Services Directive here.