The Future of Surcharges
We have all been there where we have booked a holiday and then found out that there is a percentage fee on top.
From Saturday 13th January 2018 charges made by companies and small businesses are banned on both credit cards and debit card purchases.
Over the years the cost of paying by card has amounted to a fair sum of money and the decision is good news.
However, the companies will be able to add these charges to their admin fees or booking fees or prices may be increased to cover the costs.
Who made these changes?
The changes have come around after a EU directive and will still apply after Brexit takes place.
Will it affect me?
In most cases it will be a positive move however, some smaller businesses may decide to stop taking card payments on the back of this.
HMRC and businesses
HMRC has confirmed that they will no longer accept payments on a personal credit card. This is something to keep in mind. Payments will now have to be made by your personal bank account.
Businesses can still enforce minimum payments.
Don't get caught out
Some companies and smaller businesses are still charging fees, you have a right to refuse these charges and ask for a refund. If the company refuses then Trading Standards should be notified.
GetWestLondon have written an article around the credit and debit card surcharges. Check it out here:
Shoppers will no longer be charged an extra cost for payments made on their debit and credit cards, from this week.
The ban, which has been implemented by the government, means that retailers and traders will not be able to add an additional cost on Visa and Mastercard payments.
Surcharges are widely used by several airlines, travel companies and takeaway food apps - however Virgin Atlantic ditched its credit card fee in 2016.
Here at Executive Property Management Solutions we have never charged on the way you choose to pay.