Cheltenham: 01242 260066 | Bristol: 0117 933 5710 | Email accountants@mitchells.org

BRC urges government to take action in regard to rising card fees

24 Sep 2019

The British Retail Consortium (BRC) has urged the government to take action to reduce card fees charged by card companies.

Data published by the BRC revealed that credit card spending overtook cash spending in 2018. 20 billion retail transactions were carried out last year, the BRC found.

It also revealed that retailers spent £1.3 billion to accept payments from customers. According to the BRC, each transaction costs retailers an average of 5.85p.

The BRC stated that these costs are generated by the fees paid by businesses to credit and debit card companies. It is urging the government to improve regulation of card payment fees, and to expand and simplify the guidelines to cover 'the full range of transactions'.

Commenting on the issue, Andrew Cregan, Policy Adviser for Payments and Consumer Credit at the BRC, said: 'With card payments accounting for almost 80% of retail sales, it is vital that the government takes action to tackle the soaring costs that card companies charge retailers.

'Without action, we will see businesses put under further pressure and it will be consumers who are forced to pay the price.'

Try a site search Tax returns, budget, pension, rates and allowances...

Contact details

Cheltenham Office: 01242 260066
Bristol Office: 0117 933 5710

Company Registration No: 4161638
Company Registered in England and Wales.
Company details
Mitchell Glanville Limited
Registered Address: 41 Rodney Road, Cheltenham, Gloucestershire GL50 1HX

Bristol Office: The Garden Suite, 23 Westfield Park, Redland, Bristol BS6 6LT
Mitchell Glanville Limited regulated by the Institute of Chartered Accountants in England and Wales
Mitchell Glanville (Bristol) Limited regulated by the Association of Chartered Certified Accountants

© 2020 Mitchells Chartered Accountants. All rights reserved. We use cookies on this website, you can find more information about cookies here.