• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Mastercard to increase fees for UK purchases from EU

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    Mastercard to increase fees for UK purchases from EU

    “ Departure from single market spells end for Brussels-mandated cap on transaction levies

    Mastercard will increase fees more than fivefold when a British shopper uses a debit or credit card to buy from an EU-based company, sparking alarm among companies that rely on online payments and concern among MPs over higher consumer prices.

    Mastercard and Visa levy an “interchange” fee on behalf of banks for every debit or credit card payment that uses their networks. The EU introduced a cap in 2015 after concerns the hidden fees were leading to hundreds of millions of euros in costs for companies and higher prices for consumers.

    But Mastercard has told merchants that the cap no longer applies to some transactions post-Brexit, because payments between the UK and European Economic Area are now deemed “inter-regional”.”

    Subscribe to read | Financial Times

    Just as well - Evil EUSSR is no longer standing between hard working entrepreneurs and their ability to increase profit margins, all hail Brexit*!


    * under the pain of slow death

    #2
    Originally posted by AtW View Post
    “ Departure from single market spells end for Brussels-mandated cap on transaction levies

    Mastercard will increase fees more than fivefold when a British shopper uses a debit or credit card to buy from an EU-based company, sparking alarm among companies that rely on online payments and concern among MPs over higher consumer prices.
    This is great news for pensioners, so a brexit bonus for them ..... good old triple lock pensions

    Everyone's a winner

    Maybe
    I am what I drink, and I'm a bitter man

    Comment


      #3
      Don't forget the £14bn Group Action against Mastercard which the UK hasn't rejected out of hand.

      Got to recover that money from somewhere.
      merely at clientco for the entertainment

      Comment


        #4
        When EU introduced cap on interchange fees (for consumer EU cards only) Visa/Mastercard just increased costs on other cars, so as the result our (B2B) costs gone up.

        It’s total BS that charges are not capped - 3-4% off the turnover, thats fecking sales tax levels., this ain’t 90s when it was brand new and needed tp be paid for, it’s a cash cow now with zero competition.

        Comment


          #5
          Originally posted by AtW View Post
          When EU introduced cap on interchange fees (for consumer EU cards only) Visa/Mastercard just increased costs on other cars, so as the result our (B2B) costs gone up.

          It’s total BS that charges are not capped - 3-4% off the turnover, thats fecking sales tax levels., this ain’t 90s when it was brand new and needed tp be paid for, it’s a cash cow now with zero competition.
          And whilst they can get away with it they will. Although, they also have to cover bad debt, fraud etc and someone has to pay for this ..... yep, that would be the good customers
          I am what I drink, and I'm a bitter man

          Comment


            #6
            Originally posted by Whorty View Post
            And whilst they can get away with it they will. Although, they also have to cover bad debt, fraud etc and someone has to pay for this ..... yep, that would be the good merchants
            FTFY

            Comment


              #7
              Originally posted by AtW View Post
              FTFY
              and .. where do you think the merchants get their profits from? Ultimately, the customer will be paying for it just depends who's customer
              I am what I drink, and I'm a bitter man

              Comment


                #8
                Their lunch is rapidly disappearing.

                Apple Pay participating banks in Europe and the Middle East – Apple Support

                Banks and partners – Google Pay (UK)
                Always forgive your enemies; nothing annoys them so much.

                Comment


                  #9
                  INKSPE

                  I only use Amex Platinum

                  Comment


                    #10
                    Originally posted by ladymuck View Post
                    INKSPE

                    I only use Amex Centurion
                    FTFY

                    Comment

                    Working...
                    X