What is the BRCs complaint regarding the interchange fees and why did they raise the case with the OFT?
The BRC feel that the interchange fees are excessive and currently, retailers are required to pay for all of these costs when they choose to accept Visa and MasterCard transactions from their customers – there is no ability to opt out or seek alternative arrangements.The unfairness of the current system has been apparent for many years and are having a greater impact upon retailing worldwide as card based retail transactions equate to a larger and larger % of customer spend. Interchange has become a financial burden on retailers and the current way of setting interchange fees we believe contravenes the competition act.
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