HSBC lowers charges on use of EPOS terminals

HSBC has lowered charges levied on retailers using electronic point of sale terminals when accepting customers' debit and credit card payments.

Although the bank did not say how much the charges will go down, CEO Shaun Wallis said the new tariffs will see revenue in card business drop by about €550,000 on forecast basis. "This increased margin," he added, "is being passed on to some 3,300 merchants." This move follows the introduction of the Single Euro Payments Area (SEPA) on January 28.

"Lower overall merchant service charges will create more value for businesses and consumers. Since HSBC's new tariff is based on volumes, merchants can further reduce their costs by accepting more cards across HSBC's terminals. Retailers will be left with more cash in hand either to pass on to consumers or to reinvest in their business.

In addition, EPOS terminal transactions are more secure as no cash is handled," the bank said.

Any debit or credit cards issued by other banks within the SEPA zone and swiped on an HSBC EPOS will attract a standard charge based on HSBC's revised and transparent tariff, HSBC said. Standard tariffs on cards issued by HSBC have also been reduced.

Retailers using an HSBC EPOS terminal are being contacted by the bank to have the new tariff explained on an individual basis.

HSBC said it has also made a major investment in CHIP and PIN acceptance software on its EPOS terminals, which have been recently certified by Visa and MasterCard to accept CHIP and PIN cards.

The software is being rolled out. The new technology will provide businesses with greater security as the risk of losing money from counterfeit cards is further minimised, HSBC said. "The good news is that in spite of this heavy investment there has been no increase in commission."

Further assistance or clarifications can be provided by calling HSBC's team on 2380 4574.