Finance ministry to halve commission paid for small POS transactions

The Greek Finance Ministry will table legislation within the next two weeks halving the fees for POS transactions, MInister Kostis Hatzidakis said on Tuesday.

Speaking on broadcaster Skai, he said the complaints voiced by the self-employed and small businesses in various sectors, from taxi drivers to kiosk owners, “were fair”, as they were charged a 1% commission for all transactions, even those under 10 euros.

With the new legislation, commissions would be halved, adding that there was a lack of agreement between the parties charging these fees (banks, providers and payment schemes), with banks being the most open to a reduction during the discussion that was held on the matter.

The ministry’s move also aims to offset the high procurement costs from the now mandatory use of POS in card payments and limit the disincentives rom their use or hurt small businesses.