Small businesses hit by credit card rules

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Small businesses hit by credit card rules

Fri, 18 Dec 2009

Confusing regulations designed to protect credit card customers from identity theft are landing small businesses with penalty fees.

That is according to the Daily Mail, which spoke to various small enterprises and found that the rules regarding credit cards are not made clear or in some cases businesses are not aware they exist.

In order to keep customers' credit card details safe, they must be stored in an approved electronic format otherwise charges of several pence are added to each transaction.

This can build up to hundreds of pounds over the course of a year, the newspaper claimed.

Alan Piper, owner of The Sun hotel in Cumbria, noticed that Barclaycard was adding a 55p fine to every card payment he took.

"I couldn't believe it when I saw it - the small extra amount added to the fee I pay for having my transactions processed. I can't remember ever receiving information about the regulations," he explained.

moneysupermarket.com recently warned winter holidaymakers to shop around to find the right deal, as some providers charge more than others for exchange rates and credit card usage overseas .