From December the E.U has said retailers can’t be charged more than 0.2% for debit cards and 0.3% for credit cards. (thank you Europe!)
Last year World Pay sneaked in a transaction fee and didn’t tell anyone. I managed to get it removed.
I am assuming with the lower charges they will sneak the transaction fee back on.
Have spoken to World Pay and they supposedly don’t know what’s happening. We are due to renew at the end of the month. I don’t want to agree to something I don’t know about.
Does anyone know any more about this?

If that’s true it would be great! I use worldpay zinc. If it applies to that too it would be great

the E.U has said retailers can’t be charged more than 0.2% for debit cards and 0.3% for credit cards

this is the ‘extra’ some retailers add on for using a credit card and has nothing to do with worldpay who are a clearing house not a retailer

Fees for cards are going up for merchants. They will pass that charge on to the customer, especially if you are spending £5k for a new Santa Cruz on a credit card where the merchant fee will be a minimum £125 but more normally £175.

What’s the current cost for a retailer on say a £5 transaction?

Depends on the type of card and clearing house and negotiated rate, anywhere from 0.5% to 3.5% of the transaction, the higher end tends to be on cards that alot of retailers just wont accept such as American express

My lbs has AmEx turned off, thats also why you get loads more points for using it….

For big purchases with people I know I’ll always come up with the best method of payment. For new bikes direct deposit bank transfer works best.

the hustler – Member

Depends on the type of card and clearing house and negotiated rate, anywhere from 0.5% to 3.5% of the transaction, the higher end tends to be on cards that alot of retailers just wont accept such as American express

Asking because a former manager used to bitch and moan about doing sub £5 transactions and claimed it cost 50p per transaction. Saying that he never refused, even if the total was 99p.

fees – an Australian version expect it to be similar
http://www.westpac.com.au/business-banking/merchant-services/fees-and-charges/#CCMSF

A very very very complex set of charges in the end

I pay 11p on debit cards, and around 1.1% on credit cards through Elevon.

Presumably it costs money to process a transaction, so I understand the need for a processing fee. But surely a transaction is a transaction, whether it’s for a quid or ten grand? It must cost the same to process, so a ‘transaction fee’ charged as a percentage of the sale is taking the piss IMHO.

I think the card processor actually does get charged a %age on credit cards by the likes of Visa etc.
From what I can see of the new rules, a retailer like me who typically takes small transactions could benefit (below £35) whereas if your average transaction is higher than £35 your fees might go up.
It will need some haggling with the merchant services provider though.

Sure. How much do you want to give me? 😀

We get charged 13p on a debit and between 1.2 and 1.85% on a credit card.
Might have a look at Elevon.
Tesco are certainly reducing their points. You used to get a point for every £2 spent it will now be every £8.

Presumably it costs money to process a transaction

But not as much as it costs to handle cash, which makes it odd that we currently have a system which charges less for labour intensive cash transactions and handling, then charges more for simple electronic transactions.

Here’s more info on it.
http://www.thisismoney.co.uk/money/cardsloans/article-2988113/European-lawmakers-vote-cap-debit-credit-card-fees-0-2-cent.html
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http://www.theguardian.com/money/2015/jul/27/cap-on-card-fees-retailers#img-1