The offer allows members to takes advantage of the recent, EU mandated charges to Visa Debit card
charges.
The NFRN welcomed the ruling made by the European Court on the 11th September 2014, bringing the end to excessively high interchange fees for lower value transactions and have actively encouraged the development of a more competitive system. To reflect this change in the law NFRN Commercial was keen to broker a robust deal with a reputable merchant services supplier.
Carl Churchill (pictured) Managing Director at NetPay said “We chose NFRN Commercial because of their commitment to getting get a better deal for independents; they work hard to help retailers develop their sales and profits to achieve their potential. NetPay too are committed to this, saving the average retail newsagent 59% on their merchant services rates. NetPay customers not only benefit from these great savings but also vital insight into their customers through our reporting and analytics tool Revolution.”
“Many UK retailers, particularly those in the c-store sector are still not benefiting from the EU’s changes to Visa Debit transactions charges, either because they are not aware of the changes or their incumbent provider has chosen not to pass the potential savings on to their customer.” Said Carl
Carl continues “These changes are particularly beneficial to the c-store sector and NFRN members. With the charging moving from a pence per instance to a percentage, the times where card charges heavily erode your margin on low value transactions are a thing of the past. More cost effective transaction charges mean a bigger promotion of card use and a reduction in the charges and risk associated with banking cash. Many retailers forget that it costs their business money to bank cash and cheques the average costs for banking £100 in cash is 60p with the main high street banks.”
Paul Baxter, CEO of the NFRN said “The relationship with NetPay gives retailers increased choice and
access to the benefit of the recent changes to the Visa Debit interchange charges. This change is something the NFRN has supported and provided evidence on as part of the European’s Unions review process into these costs and their impact on our members”.