01 December 2022
Barclays to pay £8.4 million fine due to misleading card services info
The Payment Systems Regulator (PSR) has just published the outcome of their enforcement case into Barclays Bank for failing to comply with the Interchange Fee Regulation (IFR).
It has been revealed that businesses using Barclays card services were not provided with clear and detailed information on costs; making it difficult to compare and negotiate deals for them and their customers.
A fine of £8.4 million has been enforced on Barclays Bank as a result of this, and the full information required under the IFR is now available to retailers using Barclays card payment processing services.
You can read the full PSR press release here and decision notice here.
In light of this we have double checked with Global Payments, our preferred service provider, and these issues do not exist for Global Payments who are more than happy to provide the transparency on fees that businesses need. To view more about our trusted payments partner, please click here.
If you or any business you know is affected by this, please share this post or share your thoughts with us at membership@bira.co.uk. Alternatively, share your thoughts on our social media channels below:
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