Irish Small and Medium-sized Enterprise association warns on costs
Rising card payment charges and other banking costs are now a constant problem for many businesses, according to a leading enterprise group.
“Our members are definitely paying €5,000 to €10,000 a-year, including all those charges, it’s a cost of doing business here,” said Mr McDonnell. At the same time, smaller businesses, which account for the bulk of Irish enterprises, have no buyer power, leaving them with little choice but to accept whatever fees banks and intermediaries imposed on them, he explained.
However, businesses say card companies increased their charges with no justification and simply take more money from clients in return for providing the same service as before. “I know it is a long way off, but it would take a lot of costs out of the system and our members are always looking for ways of reducing these costs,” he pointed out.
It also found that business-to-business charges are not regulated, while little real competition in the Irish market meant that it had no option but to accept the charges.
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