ACS welcomes report recognising that retailers should be able to get better deals on card acquiring services

Published this week, 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 acknowledges the findings of the 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.

Nearly half of those that did compare providers chose not to switch, partly because making an accurate comparison is difficult.

The 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 PSR 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.

The ACS’ most recent submission on the acquiring review recommends acquirers are required to provide all pricing information in an easily comparable format, that contracts have compulsory end-dates, and that measures to ensure payment terminal contracts do not unduly prevent switching activity.