Since its card-acquiring remedies came into force last year, the PSR has been monitoring firms’ efforts to implement them effectively.
It is now enhancing its engagement with businesses to get better insights on the practical impacts of the remedies.
These remedies were introduced after the PSR found UK businesses - small and medium-sized ones in particular - could be saving up to thousands of pounds a year if it was simpler for them to compare prices on card-acquiring services and switch providers. The remedies aimed to give businesses greater choice and transparency when selecting card payment services, while preventing them from being tied into long contracts.
Oliver Hanmer, the PSR’s Head of Supervision and Compliance Monitoring, said:
“Since our remedies took effect, we’ve been closely monitoring how firms are implementing them and driving compliance. The goal of these measures is to make it easier for the millions of small and medium-sized businesses across the UK to compare prices, negotiate better deals, and switch providers if needed.
“When concerns are identified, we’re stepping in to make sure things are set right. We’re keen to hear directly from businesses about how these remedies are impacting them, so we can continue driving the right outcomes and maintain a competitive market.”
In its engagement with businesses and trade bodies, the PSR is looking at:
Whether businesses found it easy to locate the Online Quotation Tool (OQT) and the summary box under Specific Direction 14. Also, how accurate they found the OQT and summary box when compared to the actual prices they paid for their acquiring services.
Whether businesses have seen the trigger messages provided under Specific Direction 15 and if they have ever acted on them as a result.
Whether businesses have had any issues with hiring, or terminating the hire of, POS terminals since the 18-month contract limit set out in Specific Direction 16 was imposed.
Next steps
The PSR will continue to monitor compliance and is planning to run engagement sessions with industry in the next few months. Further information on the PSR’s website will be available for firms to join the discussions.
The PSR also welcomes engagement and feedback from individual business users. You can get in touch via the CAMR compliance mailbox at: CAMR-ComplianceMonitoring@psr.org.uk.
The feedback gathered will help inform the PSR’s remedies progress report, which it plans to publish next year.