The introduction of SEPA on 28 January has created a number of business opportunities that led HSBC to lower its tariffs across the board. These revised tariffs have been specifically designed with retailers in mind. Businesses can also now reap the benefits of a common currency, making their life much easier. This is especially true for merchants using electronic point of sale to accept customers’ debit and credit card payments. 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

From now on, any debit or credit cards issued by other banks in the SEPA zone and swiped on an HSBC EPOS will attract a standard charge based on HSBC’s revised and transparent tariff. Standard tariffs on cards issued by HSBC have also been reduced.

An HSBC official is contacting each and every retailer using an HSBC EPOS terminal in order to have the new tariff explained on an individual basis. HSBC 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. This software is currently being rolled out. The new technology will provide businesses with greater security as the risk of losing money from counterfeit cards is further minimised. The good news is that in spite of this heavy investment there has been no increase in commission.

For further assistance or clarifications call HSBC’s team on 2380 4574.