The rates we charge you are designed to cover the costs we incur for processing your card transactions. This includes the Interchange fees and Scheme fees we’re charged when processing your transaction. If any of our costs change, we may sometimes need to adjust your pricing.
Interchange is the fee paid to the bank who issues the card your customer uses. It forms part of your Merchant Service Charges.
The amount of Interchange is set by Visa and Mastercard (the Card Schemes) and varies based on the type of cards you accept (credit, debit or commercial cards) and the country where the card is issued.
Scheme Fees are charged by the Card Scheme (Visa or Mastercard) to the Card Acquirer processing the transaction for using its network. As with Interchange, Scheme Fees vary based on the card used and where it was issued and how the transaction is processed.
In addition to covering the costs we incur when processing your card transactions, we’re also trying to make some charges more standardised and consistent across our customers.
The effective date of your new pricing is 1 August apart from authorisation fees applying to Contactless transactions which is 1 September.
Yes, the merchant acquiring services agreement that you entered into with us has changed, but only in terms of fees and charges. Our letter is a notice of variation of your contract and gives you the required notice to make that change in accordance with your terms and conditions. The other terms and conditions of your merchant acquiring services agreement with us remain in full force and effect. In case of conflict or inconsistency between the terms of the notice of variation and your merchant acquiring services agreement, the terms of the notice of variation will prevail.
Visa and Mastercard determine the floor limits above which transactions must be authorised. The floor limits for Contactless transactions have been reduced to £0, meaning all Contactless transactions must now be authorised and therefore we’ll apply the associated authorisation charge to your account for doing so.
We’ve reviewed our charges and the way that they are applied across our customers to ensure that these not only cover our costs, but are applied more consistently across groups of customers with similar payment profiles.
PCI DSS charges still apply but are not shown here. We haven’t included them with this letter as we’re writing to customers separately about those. Please look out for that separate letter if you haven’t already received one.
The minimum monthly charge is an adjustment made to your statement if your outlet’s total Merchant Service Charges in any month are under an agreed minimum value. This minimum charge is designed to cover the costs we incur in providing and administering your payments service. The charge isn’t new - it would have been on your original merchant acquiring services agreement.
The new international transaction fee is an additional charge of 2.2% which will be added to your MSC rate for any transactions where the card is issued outside of the European Economic Area.
International transactions cost us more to process than domestic transactions and, because the volume of international transactions that we’re seeing is increasing, we’ve decided to apply an additional cost for this type of transaction to cover our increased cost.
We can arrange for a copy to be sent to you. Please call Customer Services 0800 046 6801*.
Yes. For a copy of either or both, please call our Customer Services Team on 0800 046 6801* and they can arrange for a copy to be sent to you.
To add additional products and services to your account, please call our Sales Team on 0800 029 4258*.
Please contact our Customer Services Team on 0800 046 6801* who will be happy to help you.
In the first instance, please contact our Customer Services Team on 0800 046 6801* who will be happy to discuss this with you.
If you have any questions regarding your new pricing and the impact of the changes, please give us a call on 0800 046 6801*.
If you have any further questions that are not answered here then please call our Customer Services Team on 0800 046 6801* who will be happy to help.