Burden of Card Compliance hitting Retailers

Posted by Bernard McKay on 16th November, 2009. Banking & Finance, Banks, Economy.

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Already one of the sectors hardest hit by the recession, retailers are facing more costs. A new payment card security standard to help protect consumers from fraud is being introduced. This means additional fees.

The Payment Card Industry Security Standards Council (PCISSC), is stepping up efforts to monitor if retailers and other merchants such as restaurants are adopting it’s rules. These merchants must be able to prove compliance with the new rules or they could be fined.

Responsibility for ensuring retailers abide by the new rules is being passed to acquiring banks (HSBC, Lloyds) by PCISSC. However retailers are finding it difficult to obtain the correct information in relation to this. Given the current economic environment, these merchants are looking to reduce overheads and they will be reticent to pass on these increased costs to consumers.

It is vital that these retailers are taking expert advice on reducing their costs per transaction on things like merchant card fees, bank charges and cash handling.

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