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6 Sep 2023

Offers designed to help Londoners 'make the green transition' following the expansion of the ultra low emission zone (ULEZ) last month include a range of discounts, offers or trials available...

6 Sep 2023

A new report on the state of the UK cycle industry suggests that bike sales have fallen once again, months after it was reported that they had fallen to a 20-year low in 2022.

6 Sep 2023

Rebecca, staff member with the ACT has released an EP on the music platform Spotify, with popular local band Thee Derelique.

5 Sep 2023

A Government energy efficiency campaign has been launched to help SME businesses across the UK to both better understand and reduce their energy usage - and in turn reduce their energy bills....

4 Sep 2023

New research has named Danish capital Copenhagen as the best city for cyclists in Europe, with one-third (33%) of the city choosing to travel by bike. Copenhagen is also one of the safest cities...

4 Sep 2023

ACT member & Cytech-accredited Highway Cycles, Hertfordshire’s largest independent bike and e-bike specialist, has opened a new shop in Bishop’s Stortford.

24 Aug 2023

Volatility in the cycle insurance market that has resulted in most insurers backing away from the UK cycling industry owing to poor claims performance has led the ACT, through its appointed...

24 Aug 2023

Cytech training provider Spokes People were recently asked by the Afghan National Team if they could suggest any way for them to be supported mechanically at the UCI World Championships in...

22 Aug 2023

Cities across the country are following the lead of the Mayor of London, and ULEZ (Ultra Low Emissions Zone), by implementing their own measures to reduce carbon produced by combustion engines.

22 Aug 2023

Journeys made using Transport for London’s (TfL) cycle hire scheme this year are at their lowest in a decade, with the organisation blaming recent bad weather as a potential cause.

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Business bodies slam “startling rise in the cost of accepting cards” for small businesses

Posted on in Business News , Cycles News

A lobby group has warned of the “startling rise in the cost of accepting cards” for small businesses after the European chief of Mastercard defended the fees it levies on merchants.

Blue Mastercard



Interchange fees, which are charged to merchants and paid to the card issuing bank and payment network, have climbed sharply in recent years, and squeezed merchants.

The price hikes have incurred the anger of business organisations who have argued it amounts to a tax on card payments.

The British Retail Consortium, Federation of Small Businesses, and lobby group Coadec were among groups to launch an ‘Axe the Card Tax’ campaign last year calling for regulators to step into the market in the UK and reduce fees.

However the European president of Mastercard, Mark Barnett, has defended the current fee structure.
“We believe interchange is the right mechanism for everybody, sharing the costs and benefits of the payment system,” he told the Financial Times. “We think it represents incredibly good value.”

The comments have come under fire from start-up lobby group Coadec however, which has previously slammed the ‘stealth card tax’ and the monopoly of Visa and Mastercard. The group’s analysis suggests that card processing fees have risen 600 per cent over the past eight years.
“Coadec is part of the Axe the Card Tax campaign because of the startling rise in the cost of accepting cards,” Luke Kosky, fintech policy lead at Coadec told City A.M.

“Interchange fees themselves represent great value for the banks – that is their purpose. But the Government has not yet worked out if the current cap levels are right for the UK where 90 per cent of retail sales are on cards. Such a review is only possible post-Brexit.”

The Payment Systems Regulator is currently conducting a market review of the fees paid to card payment networks, with which Mastercard is co-operating.

Coadec called for alternative ways of paying to be explored to take the pressure off retailers via alternatives like “open banking payments, or vital staples like cash.”

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