Wed Feb 21, 2018 12:42 am
Just wanted to find out how others are coping with the recent changes in the EU to the rules for credit card fees. If you read/believe what's being reported in the press then finally the "rip off" credit card surcharges are being scrapped. In reality they are not being scrapped, the small business owner is having to pay them to the "banks" instead of the client. This means that many small online businesses are having to pay clients charges for paying by credit card and have no way of recouping the costs. If the client pays by bank transfer THEY pay the bank charges, if they pay by credit card WE now have to pay the fees. If the small business works on a commission basis then its not possibile, as suggested by the press that the cost of the "product" will rise.
The actual rules are a nightmare to understand, our card processor can't explain them and they've also just announced that they are increasing their charges!! The end result will be twofold, - firstly companies will not accept credit card payments (or put a limit on maximum payments). Secondly - the card companies will increase their fees (as they are already doing), because of the decrease in the credit card payments.
Practical question - has anyone found a "calculator" to insert onto their payment pages, which automatically works out what fees can be charged to each client? every country and type of card seems to have a different rate, with various add ons.
Seems like a pointless nightmare, counterproductive, which is impossible to operate and will punish small businesses.
Someone give me the good news, please!!