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Budget 2016 - Merchant transaction charged

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


    cfeeneyinterior wrote: »
    Anyone know if this means retailers will get the fees being charged by their processors - Elavon, etc. Reduced...... http://m.independent.ie/breaking-news/irish-news/12-cent-charge-on-atm-transactions-to-encourage-cashless-society-31607929.html

    That appears to be the point so you would hope we see a reduction.


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    #3
    cfeeneyinterior
    Registered Users Posts: 1,077 ✭✭✭cfeeneyinterior


    jimmii wrote: »
    That appears to be the point so you would hope we see a reduction.

    So, every retailer will only pay 0.1% when presented with a debit card? Sounds too good http://www.irishtimes.com/business/retail-and-services/retail-shops-welcome-cut-in-cost-of-processing-debit-card-payments-1.2390383


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    #4
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    cfeeneyinterior wrote: »
    So, every retailer will only pay 0.1% when presented with a debit card? Sounds too good http://www.irishtimes.com/business/retail-and-services/retail-shops-welcome-cut-in-cost-of-processing-debit-card-payments-1.2390383

    That does seem unlikely but you never know. That article references the 0.3% which I think is the interchange fee obviously not the amount we are paying so maybe that article has misunderstood where the rate is going to apply. Haven't actually looked at the budget yet.


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    #5
    cfeeneyinterior
    Registered Users Posts: 1,077 ✭✭✭cfeeneyinterior


    jimmii wrote: »
    That does seem unlikely but you never know. That article references the 0.3% which I think is the interchange fee obviously not the amount we are paying so maybe that article has misunderstood where the rate is going to apply. Haven't actually looked at the budget yet.

    I remember an EU directive being spoken of. Check this out...uk article but.. http://www.expressandstar.com/business/uk-money/2015/10/08/boost-for-shoppers-as-card-processing-fees-capped/

    From December 9, the fees banks can charge will be capped at 0.3% for credit card transactions and at an average of 0.2% for domestic debit card transactions

    Noonan made the debit charges even lower. Time to phone Elavon..... December 9th


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    #6
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    cfeeneyinterior wrote: »
    I remember an EU directive being spoken of. Check this out...uk article but.. http://www.expressandstar.com/business/uk-money/2015/10/08/boost-for-shoppers-as-card-processing-fees-capped/

    From December 9, the fees banks can charge will be capped at 0.3% for credit card transactions and at an average of 0.2% for domestic debit card transactions

    Noonan made the debit charges even lower. Time to phone Elavon..... December 9th

    That would be a nice Christmas bonus! Fingers crossed it plays out like that and there isn't some loop hole in the terms & conditions!


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    #7
    delahuntv
    Closed Accounts Posts: 1,532 ✭✭✭delahuntv


    Basically it means it will be cheaper to take credit card payment than a cash payment (banks charge 30c-45c per €100 cash lodged)

    Maybe I'll have to put a surcharge on anyone paying by cash! :D


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    #8
    cfeeneyinterior
    Registered Users Posts: 1,077 ✭✭✭cfeeneyinterior


    delahuntv wrote: »
    Basically it means it will be cheaper to take credit card payment than a cash payment (banks charge 30c-45c per €100 cash lodged)

    Maybe I'll have to put a surcharge on anyone paying by cash! :D
    Has anyone gotten on to their processor about it. Been meaning to see what will happen. Will they send a letter and say here ta go, we have been completely taking the Mick for the past few years, your rates are now much much lower..... But we have a new processing fee called the budget 2016 levy that will add 1.5% to all transactions....
    We'll see


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    #9
    delahuntv
    Closed Accounts Posts: 1,532 ✭✭✭delahuntv


    cfeeneyinterior wrote: »
    Has anyone gotten on to their processor about it. Been meaning to see what will happen. Will they send a letter and say here ta go, we have been completely taking the Mick for the past few years, your rates are now much much lower..... But we have a new processing fee called the budget 2016 levy that will add 1.5% to all transactions....
    We'll see

    Best way to approach it is to talk to a competitor processor and then go your processor and say "beat that".

    I'm going to chat to Barclaycard today and then see what Elavon say next week. - I'm currently on 1.05%

    I do assume that there will be "service fee" aspect of about .3%- .5% as they do need to have an income to pay for systems, staff, offices etc.


    I'll let you know.


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    #10
    cfeeneyinterior
    Registered Users Posts: 1,077 ✭✭✭cfeeneyinterior


    delahuntv wrote: »
    Best way to approach it is to talk to a competitor processor and then go your processor and say "beat that".

    I'm going to chat to Barclaycard today and then see what Elavon say next week. - I'm currently on 1.05%

    I do assume that there will be "service fee" aspect of about .3%- .5% as they do need to have an income to pay for systems, staff, offices etc.


    I'll let you know.
    Do let us know what they say. I didn't know Barclaycard did card processing, is it under a different name? Anyways, would like to know how you get on.


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