The British Retail Consortium have hit out in recent days on an issue that is equally related to hospitality, accusing both Visa and Mastercard of cashing in on the Covid-19 pandemic.
The accusation made by the British Retail Consortium is that Visa and Mastercard are both charging excessive fees, stating that in just two years costs have nearly doubled. The trade body for retailers warns that consumers, already in scarce supply, will face charges passed on and as such reduce their spending.
Reduced spending is the last thing that any hospitality business wants to see more of, and more consumers generally spending less is just more bad news for hospitality.
The commercial director at the British Independent Retailers Association, Jeff Moody said that local shops are being especially hard hit as they are unable to negotiate better fees with payment firms. He highlighted that “contracts available to large national chains are often not available to individual smaller independent retailers”.
Alongside all the other challenges being faced by hospitality businesses at the moment, big and small, increased card payment fees is another layer of difficulty that is just not wanted.
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Hospitality & Catering News: Visa Mastercard cashing in – 20 October 2020 – Visa Mastercard cashing in
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