Payment Systems Regulator introduces new rules

The way each company displayed and organised pricing was very different.

The PSR recognised this made it difficult for businesses to compare prices between acquirers.

So, they’ve asked us all to create simple-to-use online quote tools on our websites which show processing fees for Mastercard and Visa as well as other potential fees or monthly charges.

The wording on these pages and the way the information is displayed is set out by the PSR so you can get the same detail from each acquirer.

The same goes for the independent sales organisations (ISOs) and other third parties that sell our services on our behalf.

You can have a look at our online quote tool here. This only applies to companies with a card turnover of up to £50m a year. If your business does more than this, you’ll need to talk to us to get a quote.

The PSR was worried too many contracts were never-ending and that many business owners felt trapped or unaware they could change provider.

These contracts have now ceased and instead companies must offer an endpoint. Customers must be told when the contract is coming to an end and that you can either renew or change to a different provider. The PSR refers to these as trigger messages.

Towards the end of a contract, we will get in touch to remind you that it is nearing an end. We’ll give you the option of renewing the contract or you can shop around and switch to a different provider.

This is the essence of the PSR regulations, to give you transparent information so you can make an informed decision.

That message will appear on your statement within Elavon Connect, our online tool. If you ignore it and go beyond your contract end date, you’ll need to give Elavon 30 days’ notice in writing that you want to terminate.

We’ll keep reminding you that you can leave, but don’t worry, we’re always happy to keep you as a customer and be your provider of choice.

The PSR decided on the wording and frequency of such messaging, so you’ll get the same thing from whichever provider you’re with.

If you already have a contract with us, that you took out more than 12 months ago, you should have already been given the option to renew or told you can switch. Get in touch if you’re not sure.

And as for Price Comparison, this only applies to companies with a card turnover of up to £50m a year.

Contracts for the renting of card machines and point-of-sale (POS) devices can only be for a maximum of 18 months. These will become 30 day rolling contracts at the end of term until a new contract is signed.

If there are any fees for ending a contract, they must be explained to you and based on actual cost.

The changes to these types of contracts were introduced in January 2023 and had a very limited effect on the way we do business with you.

They only apply to companies with a card turnover of less than £10m a year.