Payment service provider NetPay has linked up with NFRN Commercial (the voice of independent retailers representing over 16,000 news and convenience retailers across the UK and Ireland) to lower the cost of taking card payments for NFRN members.
NetPay offers customers online processing, payment terminal and merchant services. The firm's MD, Carl Churchill, said: "We chose NFRN Commercial because of its commitment to getting a better deal for independents. It works hard to help retailers develop their sales and profits to achieve their potential.
"NetPay too are committed to this, saving the average retail newsagent 59% on their merchant services rates. NetPay customers not only benefit from these savings but also insights into their customers through our reporting and analytics tool Revolution.
"Many UK retailers, particularly those in the c-store sector are still not benefiting from the EU's changes to Visa Debit transactions charges, either because they are not aware of the changes or their incumbent provider has chosen not to pass the potential savings on to their customer."
These changes are particularly beneficial to the c-store sector and NFRN members, pointed out Churchill.
"With the charging moving from a pence per instance to a percentage, the times where card charges heavily erode your margin on low value transactions are a thing of the past," he added. "More cost-effective transaction charges mean a bigger promotion of card use and a reduction in the charges and risk associated with banking cash. Many retailers forget that it costs their business money to bank cash and cheques. The average costs for banking £100 in cash is 60p with the main high street banks."
NFRN CEO Paul Baxter added: "The relationship with NetPay gives retailers increased choice and access to the benefit of the recent changes to the Visa Debit interchange charges. This change is something the NFRN has supported and provided evidence on as part of the European's Unions review process into these costs and their impact on our members."