Cross Border Interchange Fees - Member feedback requested

Bira is seeking member feedback on Cross Border Interchange fees ahead of talks with the Payments Systems Regulator and Financial Conduct Authority. The charges, introduced after Brexit, may be increasing costs for retailers taking online payments from overseas cards.

Bira has been invited to meet with the Payments Systems Regulator (PSR) and the Financial Conduct Authority (FCA) to discuss the market review into Cross Border Interchange fees and how these may be affecting independent retailers.

Cross Border Interchange fees are additional charges introduced by Mastercard and Visa following the UK’s departure from the European Union. Since these changes, retailers accepting online payments from cards issued outside the UK may face higher processing costs.

Previously, interchange fees across Europe were capped at 0.2% for debit cards and 0.3% for credit cards. Since Brexit, these caps no longer apply to UK businesses, allowing card providers to set their own rates for cross-border transactions.

Bira is gathering member feedback to help inform these discussions and better understand the impact on independent retailers.

Members are encouraged to share whether they were aware of Cross Border Interchange fees, how these charges have affected their business, and whether they consider them fair.

Feedback can be shared in the Bira members’ forum or by emailing policy@bira.co.uk.