Merchants in dark on €15m credit card fines
Irish businesses are paying €15m a year for non-compliance with credit card rules, most of them without realising it, according to a study by Wecansaveyomoney.ie.
The study examined 500 merchants who all use credit card machines to accept payment.
Nine out of 10 of those surveyed were not compliant with Payment Card Industry (PCI) rules.
These are a set of standards created by credit card companies with the aim of keeping customer data secure.
As a result of their non-compliance, most were being fined. Some 91pc did not understand what the rules meant.
Based on this pattern and the average cost of fines, around €14 a month, it was calculated that Irish merchants are paying a collective €1.2m per month, or €15m a year, for non-compliance. "It is our advice to all merchants in the Republic of Ireland to review your charges annually and seek independent advice on how to reduce all the merchant services charges applied to their account," said Ronan Leenane of Wecansaveyoumoney.ie.
"Always question your rate for both commercial and consumer cards, negotiate whether an additional authorisation charge needs to be applied to every transaction, ensure you are PCI-compliant and educate yourself on premium charges."