The Ministry of National Economy and Finance has two open fronts in POS interface with cash registers. On the one hand, the ministry is pressuring businesses to finish connecting the POS, having given a deadline for the completion of the project, and on the other hand, it is putting pressure on banks and providers to reduce the fees paid by businesses for electronic transactions with POS.
In the previous days, banks, providers and Visa-Mastercard had meetings with the officials of the ministry. The leadership is pushing for reductions in microtransaction fees from 10 to 15 euros.
According to Finance Ministry circles, the above-mentioned bodies have not returned with their own proposal, and while a new meeting is imminent next week in Karageorgi, Serbia.
The Deputy Minister of Finance, Haris Theocharis, in fact, reported from the Parliament that it is the will of the minister not to leave the matter to his fate. The positive, however, is that in the previous meetings, both the providers and the banks had expressed a positive opinion on the Ministry of Finance’s proposal to reduce charges on small transactions. However, all parties involved should agree, reports ot.gr.
However, the banks have already proceeded to reduce the fees for transactions through Iris for professionals, as the fees now do not exceed 0.5% on the transaction. That is, for a transfer of 500 euros (maximum limit), the commission is now 2.5 euros. Of course, there are also banks that have completely abolished Iris fees for business accounts as well.
Supplies
The reduction of commissions is considered rather imperative as in the 35 new sectors that have been added to the mandatory use of POS – among which taxis, convenience stores and street markets – it is a common phenomenon to carry out small transactions.
Representatives of these branches have mentioned many times that the use of POS in transactions makes the sale of the product unprofitable. As ministry circles report to OT, the reduction of fees for small transactions will also be a strong incentive for new industries that join the mandatory use of POS, at the same time creating a safe transaction framework for them.
The new context
According to information, the new framework drawn up by the banks provides for a “cut” of commissions up to 50%, in the part that concerns them. The average commission charged to the merchant for using POS varies between 0.8% and 1.2% depending on the bank and customer profile.
However, there are charges from POS providers as well as from Visa and Mastercard. It is worth noting that in this case too, cutting their own charges is being considered.
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