POS machine card processing fee will be implemented from September 6th, and the small amount of card processing fee in the food and entertainment industry will drop the most.
In accordance with the requirements of the National Development and Reform Commission and the People's Bank of China's Notice on Improving the Pricing Mechanism for Bank Cards, the POS card processing fee rate will be implemented on September 6. The new regulations have capped the fee for credit card swiping, and the cost of large credit card spending may rise, such as buying a house and buying a car to swipe a credit card; but the small credit card processing rate in the entertainment industry has dropped significantly, from 1.25%. 0.6%.
It is understood that the specific measures for the new rules to improve the pricing mechanism are five: 1. Reduce the service fee rate level of the issuing bank; 2. Reduce the network service fee rate; 3. Adjust the card issuing service fee and network service fee capping control measures 4. For some merchants, the card-issuing service fee and network service fee rate preferential measures shall be implemented; 5. The service fee for the receipt of the transaction shall be subject to market adjustment.
According to industry analysis, the adjustment of the POS machine credit card processing fee, from the comprehensive rate calculation, the catering and entertainment business rate decreased by 53% to 63%, a decline of more than half, the greatest benefit; department stores reduced by 23% to 39%; the people's livelihood class originally implemented a service fee of 0.38%, but during the two-year reform transition period, preferential measures will be implemented. In addition, the merchant's funds are more secure. After the POS machine rate adjustment, UnionPay's testing methods and public measurement mechanism will be more stringent.
According to the data, the last time the card processing fee was adjusted was in February 2013. The handling fee rate of credit card in different industries was quite different. The charging standards for food, entertainment, general, people's livelihood and public welfare were respectively 1.25%. 0.78%, 0.38% and 0%.
According to a banker, after the implementation of the new card swiping regulations, due to the cancellation of the fee capping of credit cards, this will be a fatal blow to those who are not motivated. He said: "In the past, large credit card cash is very common. People who can 'play' can pay a cap-and-fee fee for a 40-day 'interest-free loan', which is irritating to the bank. The new rules are not capped. Including the fee is not capped, it can effectively suppress such behavior."
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The new regulations mainly involve issuing banks, acquirers, clearing houses and merchants, but in fact, they also have an impact on the lives of the citizens. Recently, the reporter interviewed Ms. Liu, an individual merchant in a shop in Jiefangbei Women’s Square. She said happily: “I received a text message from the bank and said that the POS machine card processing fee was lowered on September 6th. This is better for me. It is reported that Ms. Liu’s store mainly sells mobile phone cases and some small accessories. Now, every day, credit cards need to be brushed more than 10 times, and the single amount is 50-200 yuan. “If the handling fee is reduced from 1.25% to 0.6%, the same 100 yuan. I have to pay 1.25 yuan before, and now it is 0.6 yuan, and I can save thousands in one year."
However, the merchants involved in large-scale consumption are a little depressed. The reporter saw in a senior auto parts chain in Jiangbei that many people gathered here to spend credit cards. The boss told the reporter: "I received a text message from the bank. On September 6th, I began to adjust the rate. The credit card swipe (handling fee) was not capped. The things in my store are tens of thousands, the customer swipes once, and the fee is charged. Maybe hundreds. So, I can only send WeChat to customers who have orders in advance, so that they can swipe their credit cards before September 6."
The boss also said that in the future, only customers may be advised to use the method of “swipe credit card + brush debit card + cash + WeChat transfer†to settle the bill. “If it doesn’t work, I will take part of it myself. After all, the customer will spend a single purchase. Ten thousand, the tens of dollars of fees are not too embarrassing." However, the boss also revealed that there are now some 4S stores intend to allow consumers to bear part of the processing fee of credit card swipe after the new regulations.
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