Visa reducing business debit card fees

Irish co-ops welcome the move...

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Martin Keene / PA

The Irish Co-operative Organisation Society (ICOS) has praised a move by Visa to reduce the fees for business debit card transactions through the Irish banks.

The decision, which comes into effect from September 1st, will be of particular benefit to farmers and co-op livestock marts.

Transaction fees in marts is reduced from 0.3% to 0.2% until September. After that, secure payments will be capped at €1 per transaction and non-secure transactions at €2.

As an example, a farmer buying €10,000 worth of stock would mean the mart paying a transaction fee of €30 where this will now be capped at €1 for secure payments.

ICOS Livestock & Environmental Executive Ray Doyle said:

"We’re very pleased with the proactive approach taken by Visa and the Irish banks where they listened to our concerns and have taken this into account in setting the new rates which will be of benefit to marts, farmers and all Visa business customers.

"Anything that can reduce costs for farmers is welcome at what is an overall difficult time for agriculture in general."