On 29 June 2022, the Payment Systems Regulator (PSR) published its Provisional Decision concerning remedies following its review into the card-acquiring market. In particular, the PSR has set out proposed remedies being:
- Summary boxes containing bespoke key price and non-price information to be sent individually to each merchant and shown prominently in their online account which can be used alongside new online quotation tools to help merchants compare prices and other service features more efficiently.
- Trigger messages to prompt merchants to shop around and/or switch to be sent by providers of card-acquiring services to their merchant customers and shown prominently in their online account.
- A maximum duration of 18 months for Point of Sale (POS) terminal lease and rental contracts, and maximum 30 days’ notice after any renewal.
The PSR intends to implement these remedies through Specific Directions given to the most significant providers of card-acquiring services to merchants.
The deadline for comments on the proposals is 3 August 2022.