PSR updates card-acquiring services directions to ensure right firms are captured

The PSR has published the outcome of its recent consultation on proposals to revise Specific Directions 14,15 and 16 associated with card-acquiring services.  

The PSR issued these directions in 2022 to the 14 most significant providers of card-acquiring services to improve services and choice for businesses receiving card payments. Issuing these directions was a crucial step in giving greater transparency to businesses in what can be a difficult area to compare prices and switch services. As a result of these directions, businesses are now able to find more competitive deals and are prevented from being tied into lengthy contracts for their card readers.  

Earlier this year, the PSR launched a consultation to ensure the right firms are captured by these directions into the future.  

Following consultation, the PSR is updating the list of directed firms and introducing a new streamlined method of making changes going forward.  

The PSR also consulted on whether to add Checkout Ltd to the list, but based on feedback received, has decided not to direct Checkout Ltd at this time. The PSR will keep the list of directed firms under review. 

Oliver Hanmer, the PSR’s Head of Supervision and Compliance Monitoring, said:  

“Issuing these directions marked an important increase in transparency and choice for businesses, making it easier for them to shop around or negotiate the best deal possible on card services, potentially saving them thousands of pounds a year in fees.  

“By refreshing the way our list of directed firms is updated, our directions and the remedies we implemented will continue to deliver positive outcomes for UK businesses.”  

ENDS. 

Notes to editors: