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Online Business Merchant Credit Card/Payment fees...

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  • 21-05-2014 12:53pm
    #1
    LordNorbury
    Closed Accounts Posts: 1,143 ✭✭✭


    Hi folks,

    I've an online biz and am with AIB merchant services. I've noticed what appears to be an increase in the amounts we are being charged for their services, (just for processing the payments), but at the same time I heard on the radio not too long ago that the EU have recently set limits on the rates that a merchant bank can charge a merchant for processing payments.

    I'm going to get onto AIB to see what the story is here, but before I do, I'm just wondering what the current position is with the EU intervening to put limits on these charges, I'm curious is that just an urban myth, a work in process, or is it something that has been put into place, is now law and should I be paying less to my bank for my merchant payment processing services.

    Obviously I don't trust AIB (or any Irish bank), all my other charges have gone up, our iBB charges jumped recently, they have introduced personal banking charges, they seem to be on a mission to shake as much money out of as many customers as possible, yet I was expecting these merchant charges to be decreasing instead of increasing.

    Thanks in advance for any comments or advice...


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    #2
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    Google search suggests there are plans I would have thought if it had come in then there would be articles covering that.

    http://www.creditcardprocessingspace.com/european-union-intends-to-cap-card-transaction-fees/

    Be nice to be charged <1% for card processing!!


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    #3
    Shelflife
    Registered Users Posts: 3,074 ✭✭✭Shelflife


    Check out Streamline, they are a new entrant to the market and their rates seem to be very good.


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    #4
    LordNorbury
    Closed Accounts Posts: 1,143 ✭✭✭LordNorbury


    jimmii wrote: »
    Google search suggests there are plans I would have thought if it had come in then there would be articles covering that.

    Be nice to be charged <1% for card processing!!

    Every time I look at our account there is a big chunk of money gone out for merchant services, although I would have thought with Visa Debit cards now all the rage, this figure would have gone down considerably. We are paying 2.5% I think on Visa Credit and Mastercard transactions, which is a ridiculous rate I think to be paying on the entirely of the transaction, given what our margins are these days after 6 years of recession and price deflation being a big problem for us during that time.


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    #5
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    2.5% is definitely way too high no way should you have to pay over 2% and even then it would only be if you were looking at pretty low numbers. It all comes down to the turnover likely to go through card really the more the better deal you are able to negotiate.


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