BRC Calls for Action on Excessive Card Fees

  • Retailers paid £1.1bn in payment acceptance costs in 2019
  • Card payments accounted for 61% of transactions in 2019
  • Fees for card payments increased by 15% and 6% since 2016
  • BRC calls for action to tackle increasing scheme fees
  • Government urged to address excessive card costs
  • Smaller retailers feel the impact of rising fees

The cost of accepting payments reached £1.1bn in 2019, with card payments accounting for 61% of transactions. The British Retail Consortium (BRC) has launched its latest Payment Survey and is calling for decisive action to tackle increasing scheme fees that put pressure on retailers and consumers. Card payment charges have risen by 15% and 6% since 2016, with smaller independent retailers feeling the impact. The BRC, British Independent Retailers Association (BIRA), Association of Convenience Stores, and UKHospitality are urging the government to address these costs.

Factuality Level: 8
Factuality Justification: The article provides accurate and relevant information about the increasing costs of accepting card payments for retailers, citing statistics and quotes from industry experts. It also discusses the impact on small businesses and the need for government action to address the issue.
Noise Level: 3
Noise Justification: The article provides relevant information about the increasing costs of accepting card payments for retailers and the impact it has on businesses and consumers. It also highlights the need for action to tackle these rising fees. However, it could benefit from more in-depth analysis or discussion of potential solutions beyond calling for government intervention.
Financial Relevance: Yes
Financial Markets Impacted: Retailers and payment processing companies
Financial Rating Justification: The article discusses the cost of accepting payments, specifically card payments, incurred by retailers and its impact on businesses. It also mentions the rise in card usage during the pandemic and the potential for increased fees to be charged for online transactions. This has financial implications for retailers and could affect the prices of goods and services.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article.

Reported publicly: www.retailsector.co.uk