ACS (the Association of Convenience Stores) has welcomed the publication of the Payment Systems Regulator (PSR) final report into the card-acquiring market review.
Published today (3rd November) the report recognises the need to encourage retailers to search and switch or negotiate a better deal with existing providers and to reduce the obstacles to retailers getting a better deal.
The report references findings from ACS’ Voice of Local Shops Survey which found that 61% of independent and symbol retailers have not compared or switched acquirers in the past three years; and 48% of retailers who have compared providers in the past three years did not choose to switch.
ACS chief executive James Lowman said: “Local shops play a crucial role in offering customers a variety of payment methods in store, but the complexity of the card acquirer market makes it increasingly difficult for retailers to find the best deals for them and their customers.
“We are calling for the Payment Systems Regulator to further investigate and remedy card scheme fees to ensure the market functions well for acquirers, retailers and ultimately consumers.”
The PSR will launch a remedies consultation in early 2022. ACS’ most recent submission on the acquiring review recommends acquirers are required to provide all pricing information in an easily comparable format, contracts have compulsory end-dates, and measures to ensure payment terminal contracts do not unduly prevent switching activity.
